Gigabit Squared is having a hard time securing financing to install the network

Seattle's planned high-speed Internet network is seeing delays with no new launch dates on the horizon.

According to a new report from GeekWire, Seattle's venture with Gigabit Squared to implement a high-speed Internet network in 12 of the city's neighborhoods has hit a financial roadblock, and the mayor fears that it's "not going to work."

Seattle Mayor Mike McGinn has been a huge advocate of the project. He announced the partnership with Gigabit a year ago, which received a lot of praise from citizens. The public-private partnership aimed to launch the Gigabit Seattle project using 500 miles of unused cabling in the city. 

In August of this year, Gigabit announced its prices and the plan to begin Gigabit Seattle's initial rollout in two of the 12 neighborhoods — University District and Capitol Hill. It was due to begin by Q1 of 2014. 

Mayor Mike McGinn [SOURCE:]

However, Gigabit is having a hard time securing financing to install the network. 

“We’re now a year into it and the question is, will it work or not?” said McGinn.

McGinn will be leaving office by the end of the year, so he won't be able to see the project through. However, he said if he were to stay, he'd "start garnering political support to build a municipal fiber utility." He has not given up on the private sector quite yet amid rumors that Comcast could make a considerable donation to the campaign.

McGinn said Comcast and others like it are “not upgrading their systems in any meaningful way.”

McGinn is open to having the government build out a high-speed network with open architecture if necessary, which could increase competition and still allow the people to have high-speed Internet. 

Source: GeekWire

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