WEST LAFAYETTE, Ind. (WLFI) - Monday night, Metronet held a meeting for residents, regarding their plans to bring fiber optic services to the area.
This new service would provide homes and businesses with high-speed internet, cable and phone service for a charge.
To finance the equipment and installation of the fiber to the home services, Tippecanoe County, West Lafayette and Lafayette have joined forces to establish a "tax increment finance" or 'tif' district.
West Lafayette Director of Development, Chandler Poole, said a tif district works like this.
The city or county takes the tax value of a certain time frame, and anything above that value is put back into a fund for economic development such as infrastructure or paying back bonds.
Metronet officials said to get the project started, they would pay nearly $6 million to 'purchase' one bond from within the county and both cities.
Over the course of time, instead of paying property taxes on their equipment, Metronet would use that money to pay themselves back for the bond.
They would then have their investors front the rest of the money for the project, which is expected to cost between $40-60 million.
Metronet officials said all residents in West Lafayette and Lafayette, and some residents in Tippecanoe County, will be able to purchase service for the high speed products.
Then, depending on further studies, the service offerings would expand to more residents and businesses in the County
"It does not have any financial obligation or risk to the community whatsoever. We'll be able to use that to encourage a very significant investment in the community," said spokesman for Metronet, Steve Biggerstaff.
If all designs and plans are approved, Biggerstaff said the project would come to the area sometime next year.
The West Lafayette Re-Development Commission will meet January 17 to discuss further plans.
There's no estimate yet on just how much the service would cost residents.
But Metronet officials said it should be on par with other internet providers in the area.