Burlington, Vermont - December 15, 2009
The Burlington Telecom saga continues. The city council met until one o'clock Tuesday morning and decided they want to look at other possible financial packages for the troubled city-owned cable company.
Most Burlington City Councilors say they are leery of approving $60 million in financing for Burlington Telecom because they are still not sure if it is a viable company. The city administration has tried to prove the company's financial situation is improving and show that Burlington Telecom will be able to pay back the loan without putting the city at risk, but most councilors say they need more proof.
"We need to see a strong, solid, professional business plan that shows us how we're gonna move forward," said Republican Burlington City Councilor Paul Decelles.
"I implore you not to tie Burlington residents and the community to the salvation of Burlington Telecom," said Burlington resident Dan Feeney.
But some residents are getting antsy and accuse city councilors of playing political games.
"If the loan is not made and you continue dillying and dallying so that nothing will happen the city of Burlington really will be at financial risk," said Burlington resident Bea Bookchin.
Rather than move ahead with the $60 million proposal for Piper Jaffrey secured by the City Administration, the councilors decided to send out RFPs for new financing proposals. They went to see if they can get a better deal and better assessment of BT's viability.
Bianca Slota - WCAX News
