The effort to run a fiber optic network to every home and business in Lafayette and parts of Tippecanoe County has taken a significant step forward. That’s according to the company making the effort.
The Lafayette Economic Development Commission is recommending the city council approve a bond for the Metronet project.
Company consultant Steve Biggerstaff says the city would not be liable for the bond, which is needed to start the work.
A feasibility study indicates a proposed fiber optic network for Lafayette and West Lafayette would be profitable.
That’s according to Metronet officials, who say in order for the project to move forward the company must finalize the establishment of Tax Increment Financing districts.
Spokesperson Steve Biggerstaff says that will enable Metronet to secure bonds for startup costs.
He says the goal is to start serving customers in February.
Biggerstaff says a similar review is still being conducted in unincorporated parts of Tippecanoe County.
Lafayette is setting up a Tax Increment Financing District to help a roughly $40-million project get off the ground.
The city’s Redevelopment Commission voted to establish the TIF to allow Metronet to move forward with its fiber optic network.
Redevelopment Director Dennis Carson says that type of infrastructure is important for the future of local business.
Metronet president Steve Biggerstaff says the TIF comes at no expense to the city or residents because the company and its investors will pay for the entire project.