The $1.3-billion Teachers Credit Union here is playing a pivotal role in the development of a high-speed data network planned for this city.
In fact, should the nonprofit operator of the planned network ever be liquidated, the credit union would assume ownership of the network. Plans are underway in South Bend for the network following an agreement between the city's
Board of Public Works and the nonprofit St. Joseph Valley Metronet Inc. to install the fiber-optic data lines in a loop around the city. Funds are being loaned to St. Joseph Valley Metronet by Teachers CU, along with six other founding member organizations, each of which has pledged $325,000 over three years to build the network.
All have made a first-year installment of $108,000. Payments in future years will be used to repay the loan. Plans call for stringing the city with 36 strands of fiber for city operations in exchange for using the city conduit.
