City of Loveland Selects Broadband Underwriter

2 months ago
CLOSED: This discussion has concluded.

The City of Loveland has selected J.P. Morgan as the senior managing underwriter for the broadband project. The contract was awarded on Aug. 23 after reviewing 15 RFP responses received by the May 11 deadline.

J.P. Morgan will begin working with the City this week, advising broadband staff on bonding packages and risk mitigation associated with the project. These recommendations will be presented to City Council on Oct. 23 along with a final broadband network design and updated business plan. J.P. Morgan will begin the process of issuing bonds if council approves community broadband.

Bonds would be used to cover initial project costs including network buildout, operations, branding and marketing and would be repaid exclusively through service fees from City of Loveland broadband customers.

“J.P. Morgan was the clear choice for us on this project. Their level of experience with public power and broadband specific projects and commitment to our goals and timeline allows us to move forward in the right direction and present the best possible bonding options,” said Brieana Reed-Harmel, broadband project manager and senior electrical engineer with Loveland Water and Power.

Over the past seven months, the City’s broadband team has been diligently working to move forward on a series of measures approved by Loveland City Council members Feb. 6. Securing an underwriter is the final measure before the project goes back before council. The staff has been working with Nokia on the broadband network design since June, the Loveland Communication Advisory Board was approved by council July 3, and a community education campaign has been underway since May.

As activity ramps up ahead of the Oct. 23 City Council meeting, Loveland residents and businesses are encouraged to stay connected with the broadband team by asking questions and voicing opinions. Several community talks are underway beginning at 6 p.m., Aug. 30 at the Loveland Chamber of Commerce, and details about an Oct. 4 Town Hall will be announced soon.

Additional details and engagement tools for the community are available at CityofLoveland.org/Broadband, by email at broadband@cityofloveland.org or by telephone, 970-962-2010.

Categories: broadband, news, underwriter

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