Alaska’s General Communication Inc. (GCI) began the TERRA project in 2010 to bring broadband service to rural Alaska through the construction of a terrestrial microwave and fiber optic network. TERRA-SW, completed in the fall of 2011, provides broadband service to more than 9,000 households, 750 business and many health care institutions such as the Bristol Bay Area Health Corporation.
For TERRA-NW, the second phase of the project, GCI’s subsidiary Unicom received $78 million in NMTC allocation from three CDEs: Alaska Growth Capital, Waveland Ventures and Travois New Markets.
U.S. Bancorp Community Development Corporation provided the equity investment, and the state of Alaska and a sponsor loan covered the remaining costs. Of the $34.5 million in estimated project costs, U.S. Bank and Travois provided $6.7 million of the total $16.5 million NMTC financing.
At a Glance
- Native Organization: United Utilities Incorporated
- Date Closed with Investor: 2011
- Date Completed: 2013
- Development Type: Infrastructure
- Project Status: Complete
- Total Investor Equity: $6,733,155
- Total Project Cost: $78,784,300