Broadweave will buy the iProvo network for $40.6 million and assume the remainder of Provo's bonds and almost all of the city's other related financial obligations.

Broadweave will lease the Network Operation Center from the city.

Broadweave will provide dedicated capacity for government agencies such as city, school and county facilities for $300,000 per year.

• Broadweave will interview and consider any interested city telecommunication employee for employement. The city will attempt to assimilate remaining telecom employees where possible and will assist others with outplacement services.

The parties will close the transaction by June 30.


Source: Provo city