$400K to get to Fiber Optic: NWP Library Offers Matching Grant

This is a press release sent out by David Brown, Woodstock’s Representative to East-Center Vermont Fiber Network, the group trying to raise funds to install a fiber optic cable network in Woodstock. The Norman Williams Public Library has agreed to host a “hub”. However, the funds for such an install are still to be raised. ECFiber and the NWPL are hoping to reach a goal in the next month, according to this release — WEB

 

Woodstock, Vermont – November 1, 2012 – The Norman Williams Public Library today announced the offer of a $100,000 matching grant earmarked for the construction of a fiber-optic hub inside the library building in downtown Woodstock.

Last month, the East Central Vermont Fiber Network (ECFiber) agreed enter into a 25-year lease with the library’s Board of Trustees to build the hub and to provision the library with free gigabit fiber-optic Internet service for the term of the lease.

ECFiber is a community-owned, subscriber-funded high-speed data network dedicated to providing fast fiber-optic Internet service to every resident, business, and institution in its 23 member towns. The town of Woodstock voted to join ECFiber on March 3, 2008.

ECFiber raises the funds it needs to expand its network by selling 15-year promissory notes. Last week ECFiber kicked off a capital campaign designed to raise the entire $400,000 needed in Woodstock by December 3rd.

When announcing the matching grant, Jennifer Belton, the library’s Executive Director commented “I know this is a lot of money to raise in a short period of time but, if we can we can pull it off, we’ll be in position to turn the Norman Williams Public Library into a state-of-the-art learning institution.”

In their offer letter, the grantors (who wish to remain anonymous) commended Belton for her efforts to transform the library into a vital component of the Woodstock community, adding “We recognize that just a month remains for other investors to take advantage of our offer. However, we believe there are other friends of the Library out there who can join together to help make your dream of a world-class public library a reality.”

ECFiber is a municipal entity, so owners of ECFiber promissory notes receive interest income that is free from federal and Vermont income tax.

Anyone interested in participating in the Woodstock capital campaign – and taking advantage of the $100,000 matching grant – should contact ECFiber at (802) 763-2262 before December 3rd.

3 responses to this post.

  1. Posted by Lance Webster on November 2, 2012 at 21:46

    Julia the chuck is sad The first time I entered the Norman Williams public library was 1972 a 5th grader at WES and I thought it was a world class library then WC dePlume

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  2. I would like to clarify this post by pointing out that the $400,000 needed to bring fiber-optic Internet service to the library is coming from the community at large and will be paid directly to ECFiber for the purchase of 15-year, interest-bearing, promissory notes. The Library’s only contribution to this effort is the physical space required to house and maintain the ECFiber equipment. The “matching grant” from anonymous investors mentioned in the article will also purchase ECFiber notes with a closing date of December 3, 2012. These notes have a face value of $2500. Purchases of notes made for this ECFiber Capital Campaign will be matched dollar-for-dollar by the anonymous investors, up to $100,000. Additional information is posted on the ECFiber website at http://www.ecfiber.net/woodstock.

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    • Let’s be even clearer: the $400K is being SOLICITED by ECFiber from the community. It is not currently randomly going to flow from an already established source but rather the funds are being sought as part of a fund-raising campaign. WEB

      For anyone seeking more information directly from Dave Brown about how to get involved or contribute — as some have asked for — here is Brown’s email address: dave@misysinc.com

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