Council approves sales agreement for Burlington Telecom
BURLINGTON, Vt. (AP) — City Council members in Burlington, Vermont, have voted to approve the purchase agreement for the troubled Burlington Telecom Utility.
City Council approved the sales agreement with Schurz Communications in a 10-2 vote Wednesday night. Under the agreement, Schurz Communications and ZRF Partners will buy Burlington Telecom for $30.8 million. Schurz would be the controlling partner.
Councilors Ali Dieng and Max Tracy say the decision takes away local control. Councilor David Hartnett says no one wanted to sell the utility but the city was left without a choice.
Burlington sold the utility as part of a settlement with Citibank and a local investor.
The deal still has to be approved by the state’s Public Utility Commission. A lawyer representing the city says the regulatory review could take up to six months.