Burlington Signs Deal For Burlington Telecom Loan

By Joe Gullo

Published 03/27 2014 04:59PM

Updated 03/27 2014 06:12PM

BURLINGTON, Vt. - Burlington Mayor Miro Weinberger calls the Burlington Telecom deal the best financial proposal for the city.

The Burlington City Council unanimously agreed Wednesday night to accept a financing loan from local businessman Trey Pecor.

Pecor is president of Lake Champlain Transportation and Merchants Bank.

After a search involving nationwide firms, Mayor Weinberger said this made a lot of sense to him.

"This is the best proposal that was the best financially is the proposal that gives the city the best chance of realizing the original vision for Burlington Telecom and the enhanced vision that we already articulated in BTV Ignite," Weinberger said.

The city will have to pay Pecor back at a 7% interest rate over the next 36 months.

Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.