HomeMy WebLinkAboutStaff Report 464-07The 180 Consortium originally anticipated it would take 6 months to complete the Business Plan.
There have been several significant changes involving 180 Consortium members that have
impacted progress on the Business Plan, as follows:
1) The original Consortium consisted of 180 Colmect Network Services, Packet Front, and
the Royal Bank of Caa~ada (RBC). A new member, NorthStar Capital Partners
(NorthStar), joined the Consortium as a representative of RBC, providing financial
advisor?, services to the project. Jeffrey Mazer, a partner, represented NorthStar. In
August 20Q,7,,JtffS~lVka~er was hired by Packet Front as its Head of Finance for the
America~. Mr~ M~2er will continue his role of coordinating financing for the broadband
project and NorthStar.-will no longer participate in the Consortium.
2)In August 2007, 180 Com~ect Network Services became a wholly-owned subsidiary of
Ad. Ventm'e Partners (AVP). AVP changed its name to 180 Connect Network Services.
This merger provides the former 180 Com~ect Network Services with a cash infusion that
gives it additional financial flexibility.
3)In July 2007, Packet Front acquired DynamicCity, the only other firm that had responded
to the City's Broadband Project Request for Proposals (RFP).
PREPARED BY:
-JOE SACCIO
Deputy Director, Administrative Services
APPROVED BY:
YEATS
, Administrative Services
CITY MANAGER APPROVAL:
EMILY HARRISON
Assistant City Manager
CMR: 464:07 Page 2 of 2