Community-owned high-speed broadband gets approval from Waverly Light and Power Board
WAVERLY, Iowa (February 11, 2015) – “Worth the wait,” might be an understatement in describing last night’s board meeting as the Waverly Light and Power Board of Trustees approved the measure to allow the development of a community-owned, high-speed fiber-optic network broadband telecommunications system for Waverly.
“It may have taken 15 years of planning and hard work to finally come together, but knowing what’s to come, it’s worth the wait,” explains Ael Suhr, Waverly Light and Power Chairman of the Board. “This approval opens the door for new alternatives for high-speed internet, cable and phone services in Waverly for both residents and businesses.”
“Faster, more reliable internet service puts Waverly businesses and citizens at an extreme advantage. We saw what that can mean when the President of the United States visited Cedar Falls last month, where he noted CFU as offering the 5th fastest internet downloading speeds in the world. With this move, we will be offering those same kinds of speeds and advantages to our community!” said Suhr. “With their vote tonight, the board made Waverly the next gigabit city in Iowa. That’s a vote of confidence that speaks loudly about our future.”
Suhr noted one of the factors that swayed the board was there would be no burden to the general taxpayers in Waverly. The revenue bonds have been secured and will be paid back by the subscribers of the broadband services. There are no risks to the general taxpayers or ratepayers in Waverly.
“We were pleased three banks showed their support and shared in our vision to bring broadband telecommunications to Waverly,” stated Darrel Wenzel, general manager of Waverly Light and Power. “The Board of Trustees granted the financial commitment offer to Dubuque Bank and Trust and First National Bank of Waverly.”
Construction on the new fiber network infrastructure is scheduled to begin in May, with a targeted completion date of March 2016. At that point, the citywide 4-zone build-out process will begin.
Charter memberships will be accepted during the infrastructure construction phase. Current plans are to offer incentives to residents and businesses who sign up early while the system is being built. For example, if a customer chooses to sign up for high-speed internet, cable and phone, their first month of service would be free and they would receive a reduced installation fee. The charter member incentives would only be available during the construction phase and not after the system was operational. More information will be available on charter member incentives at a later date.
“We’re excited for all the possibilities ahead of us in terms of economic development, community growth, and the telecommunications experiences our residents and businesses will experience’” said Suhr “We want to thank the task force for all their planning and our community for supporting this important endeavor.”
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