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PROVO, Utah (AP) -- Provo city leaders, under pressure from Mayor Lewis Billings, have narrowly approved the sale of iProvo.
The Municipal Council voted 4-3 Tuesday night to sell the troubled network. The council had to approve the $40 million sale to Broadweave Networks before the June 30 closing date.
The city borrowed nearly $40 million in 2004 to build iProvo but the system never met the city's financial expectations.
Council member George Stewart said iProvo has already lost $14 million and the city, with the sale, would be getting more than the network would be worth on the open market.
Three other council members at Tuesday's meeting, though, complained they were being unduly pressured into the sale without enough time to study its consequences. One said she felt like there was "a gun to my head."
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Information from: The Salt Lake Tribune
(Copyright 2008 by The Associated Press. All Rights Reserved.)
