Burlington, Vt. - The city of Burlington is looking to sell Burlington Telecom.
City council members addressed their plan today during a press conference saying transparency and fairness is a big goal.
This stems back to 2009 when the city improperly invested 17 million of taxpayer dollars into Burlington Telecom.
When that money wasn't re-paid... Creditor Citi bank sued Burlington.
Within the terms of the settlement from 2014 ... The city could keep a larger share of the proceeds if it's sold by this year.
The process of choosing a buyer has been a discussion for months.
Burlington City Council member Karen Paul would like to see the buyer continue the communication companies’ current success saying “Given its current trajectory Burlington Telecom can be enormously successful. It already has been if you look at where it was even 5- 6 years ago with over 7 thousand subscribers it is doing extremely well."
The top 4 bidders will be announced on September 20th.
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