BREAKING NEWS

Payson Stops Digging: Rejects UTOPIA's Pleas For More Money

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Would you invest in this company?

 

What is UTOPIA?

UTOPIA, the Utah Telecommunications Open Infrastructure Agency is an eight year-old venture by eleven Utah cities to build and operate a fiber-optic telecom network in their communities. The venture has been a dismal failure, riddled with mismanagement and almost no progress to show for hundreds of millions of taxpayer dollars.

Over the course of eight years, UTOPIA cities have bonded for $503 million to install fiber-optic cable to Utah homes. UTOPIA has continually asked for more funds and charged homeowners thousands of dollars in order to keep afloat.

UTOPIA is so far in debt that if it sold all of its assets, it would still owe $126 million. And UTOPIA's 2011 budget shows that they will lose another $20 million this year. UTOPIA has never been able to cover its own operating expenses or been successful by any standard.

UTOPIA recently claimed to have a “secret” plan to recover their losses. Even though they want the public to be their banker, UTOPIA refuses to share the plan with the taxpayers who are funding their operations. UTOPIA is refusing to be transparent or accountable for the hundreds of millions of taxpayer dollars it has received.

However, UTOPIA has the audacity to ask taxpayers for another $60 million to fund their "secret" plan. They insist that they have finally solved their management issues, subscriber deficit and will achieve positive revenue and cover their operating expenses. All they need is $60 million more.

UTOPIA has never been successful, transparent or kept its promises.

It is time to STOP UTOPIA.
 

What UTOPIA Cities Have To Pay Each Year

Despite promises by its early promoters that it would never go this route, the Utopia fiber-optic network will be asking its 11 member cities for millions in taxpayer funds to help pay off the system’s bonds.

Brigham City — $397,290

Centerville $395,126

Layton — $1,983,125

Lindon — $365,036

Midvale — $719,398

Murray — $1,460,515

Payson — $259,920*

Tremonton — $299,750

West Valley City — $3,319,461

*Payson is required to pay only the amount it pledged in 2004, having opted out of a 2008 refinancing pledge