City Officials Unhappy with Prospect of No Return from OptiNet Sale

6/21/17

By David Mcgee | Bristol Herald Courier

BVU Authority documents show the city likely wouldn’t receive any funds from the expected $50 million sale of the OptiNet division, and Bristol Virginia Vice Mayor Archie Hubbard said Wednesday that city officials take issue with those plans.

A letter from BVU attorney Cameron Bell to City Council shows that BVU expects to use about $40 million to pay off debt tied to creation of the network. In addition, it expects to pay $8.7 million back to the Virginia Tobacco Revitalization Commission — which provided about $30 million to create the network — and $1.23 million to the federal Economic Development Administration — which provided $7.3 million.

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