UPDATE ON BURLINGTON TELECOM AT THE NORTH END PEOPLE'S COURT
|Fred Osier and Gene Shaver|
Update Oct 27, 2014 - Case appealed to the VT Supreme Court. A "bridge" loan of $6 million at 7% interest by Ray Pecor III and Merchants Bnk is designed to allow the city to honor its recent court settlement with Citibank, BT's previous financier, and pave the way for the utility's sale. BT's $16.9 million debt to Burlington remains outstanding.
|Credit to Seven Days|
WHERE IS BURLINGTON TELECOM GOING? To cover shortfalls in other city departments, taxpayers covered the $17 million siphoned from the general fund to prop up Burlington telecom, and later ponied up a $9 million stability bond to rescue the city's bond rating. The mayor promised that taxpayer support for BT would stop there, but the general fund continues to pay for the 1099 consultants who run the business. A citizen group wants to buy BT and keep it local, but the task is daunting. How long before this gig is up? Mayor coming to update the North End NPAs on Nov 19.
IS THE MARKET GOING SOUTH? Among 18-34 year olds, TV viewing is down to 21% and dropping. The public is ditching cable TV subscriptions and land lines. When major professional American sports start streaming, that's going to be the end of cable subscribers at the levels needed for cable TV to survive. Without the public to subsidize high tech users, will the taxpayers be willing to pick up the tab?
Be a Millennial for a Day: find VIDEO HERE
Ponder these questions and more when on Nov. 19 at 7pm residents gather at the Miller Center to hear the Burlington Telecom facts and opinions presented by defendants and plaintiffs. Having had it's day in judicial court, now the fate of BT comes to a people's court at the North End NPA.
DOWNTOWN PARKING STRATEGIES Nate Wildfire, CEDO, will explain the new parking strategies for Downtown Burlington. Where can you use your credit card? Where are 2 hrs parking free? Where can you use your Green Mountain Pass? If more housing is built downtown, and less new parking is provided, what will the consequences be?