The Town of Brussels recently created a Broadband Review Ad Hoc Committee to investigate the potential development of a high-speed internet solution for all Town of Brussels residences and businesses. The Broadband Review Ad Hoc Committee is collaborating with other Door County Municipalities and leveraging County and State organizations and capabilities. To assist with our investigation and help secure potential funding sources for this project, we need information from you to increase the Town of Brussels eligibility for State and Federal Grants.
Once this research was completed, Brightspeed was selected as the ISP to partner with to provide broadband to the town of Brussel residents. Before the Town of Brussels advances in this partnership, the town board members will be asking the residents to respond to a referendum question on their support for the project.
REFERENDUM QUESTION
Do you support the Town of Brussels borrowing money in an amount not to exceed $370,595 to fund capital improvements for development of a new High-Speed Broadband Internet Fiber Optic Infrastructure throughout the Town in partnership with Connect Holding II, LLC, d/b/a/ Brightspeed?
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Summary of question.
A vote of “yes” will express to the Town Board your support to have the Town borrow money for the Broadband Infrastructure Project. A vote of “no” will express to the Town Board that you do not approve of the borrowing of money for the Broadband Infrastructure Project.
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Loan Amount | $370,595 | Annual Cost based on 2023 Assessed Value |
Interest @ 6.25% | $288,784 | Rate Per/$1,000 | $.3581 |
Annual Loan Payment | $32,969 | Rate Per/$100,000 | $35.81 |
Current Brightspeed monthly rate: 200 Mbps/$59, 500 Mbps/$69, 1Gbps/$79
There will be an Information Meeting, March 13, 2024 at 6:30 pm at the Southern Door Auditorium.
Below is a link to a document that will show the ESTIMATED amortization if the referendum is passed in the April 2024 election. The cost of the project has been determined however going forward is dependent on resident support, a Federal (BEAD) grant being awarded and locking into an acceptable interest rate. Please review the document for more information on the project numbers.
BRUSSELS - Estimated USDA amortization Schedule - 6.25% interest loan with grant