Company Directory - RS Fiber Cooperative
Company Details - RS Fiber Cooperative
RS Fiber Cooperative
WebsiteUnited States
RS Fiber Cooperative is a broadband cooperative in Minnesota that provides high-speed internet services to rural areas, aiming to enhance connectivity in underserved communities.
CCI Score
CCI Score: RS Fiber Cooperative
3.96
-0.01%
Latest Event
RS Fiber Cooperative Sale Under Consideration
At a Lafayette City Council meeting on October 14, 2024, it was reported that RS Fiber Cooperative is preparing to sell its business before year’s end. An offer of $14 million has been made by Hiawatha Broadband Communication amid significant debt obligations, including $13 million in debt plus approximately $6.7 million owed to 10 cities.
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OBJECTOR
RS Fiber Cooperative is currently rated as an Objector.
Latest Events
- OCT142024
At a Lafayette City Council meeting on October 14, 2024, it was reported that RS Fiber Cooperative is preparing to sell its business before year’s end. An offer of $14 million has been made by Hiawatha Broadband Communication amid significant debt obligations, including $13 million in debt plus approximately $6.7 million owed to 10 cities.
-20
Business Practices and Ethical Responsibility
April 5
The potential sale raises concerns about RS Fiber Cooperative departing from its community-owned, cooperative model—undermining its mission to serve underserved rural areas. The move, coupled with significant outstanding debt, may signal financial mismanagement that jeopardizes ethical business practices and community control.
-20
Economic and Structural Influence
April 5
The sale, driven by the need to address heavy debt burdens—including monies owed to local municipalities—has the potential to alter the cooperative’s structural influence. Such a transition may reduce community oversight and erode local economic stability, which is concerning from an anti-authoritarian perspective focused on preserving democratic community control.
- SEP012024
RS Fiber Cooperative, a Minnesota broadband cooperative serving rural communities, is facing severe financial distress. Member cities have raised taxes to cover over $1 million in missed loan payments for 2019-2020, and the cooperative has engaged a bankruptcy attorney amid refinancing and outsourced management efforts. There is an impending potential sale that could resolve debt but leave member cities burdened with long-term bond obligations.
-20
Business Practices and Ethical Responsibility
April 5
The cooperative’s reliance on refinancing, outsourcing management, and engaging a bankruptcy attorney highlights problematic business practices that risk depleting community funds and undermine ethical responsibility, placing undue fiscal burdens on small cities.
-15
Technology and Services Impact
April 5
The financial instability of RS Fiber Cooperative threatens its ability to sustainably deliver high-speed internet services to rural, underserved communities, potentially exacerbating the digital divide.
-20
Economic and Structural Influence
April 5
The possibility of selling the cooperative to retire its debt—while leaving member cities with approximately $6 million in long-term bonds—poses significant long-term economic risks and strains on local fiscal structures, impacting community stability.
- JUN172019
RS Fiber Cooperative announced a long‐term operating relationship with Hiawatha Broadband Communications (HBC) to secure funding for the expansion and sustainable operation of its fiber-to-the-premise network in rural Minnesota. This agreement, complemented by efforts to restructure high interest loans, aims to enhance connectivity in underserved communities.
+40
Business Practices and Ethical Responsibility
April 5
The cooperative’s decision to restructure high interest loans and secure a long-term partnership with HBC demonstrates responsible business practices that prioritize community needs and sustainable service delivery for rural areas.
RS Fiber and HBC form Long-Term Agreement and plan expansions
+50
Technology and Services Impact
April 5
The expansion of the gigabit fiber-to-the-premise network enhances technological access in underserved rural communities, promoting economic opportunity and community empowerment through improved connectivity.
RS Fiber and HBC form Long-Term Agreement and plan expansions
+30
Economic and Structural Influence
April 5
By restructuring its high-interest loans and forming a long-term funding arrangement with HBC, RS Fiber Cooperative is bolstering its economic sustainability and structural capacity to deliver essential broadband services, thereby reinforcing community economic development.
RS Fiber and HBC form Long-Term Agreement and plan expansions
- JUN122019
RS Fiber Cooperative announced a long-term operating relationship with Hiawatha Broadband Communications (HBC) to expand and sustain its gigabit fiber-to-the-premise network in rural Minnesota. As part of the initiative, RS Fiber has restructured high interest loans to create a sustainable financial model, supporting economic growth and advanced connectivity for under-served communities.
+80
Business Practices and Ethical Responsibility
April 5
RS Fiber Cooperative’s decision to enter a long-term agreement with HBC and restructure its high interest loans demonstrates a commitment to ethical business practices. This move supports community-centric development and sustainable operations, reinforcing progressive economic practices that benefit underserved rural areas.
+70
Economic and Structural Influence
April 5
The strategic partnership with HBC, including financial restructuring of high interest loans, strengthens RS Fiber Cooperative’s ability to build and sustain critical broadband infrastructure. This action fosters economic development and structural resilience in rural communities, countering exclusionary economic practices.
- FEB012019
RS Fiber Cooperative announced the suspension of bond payments for two years due to a projected $1 million shortfall, resulting in increased property taxes for several southern Minnesota cities to cover the gap.
-60
Business Practices and Ethical Responsibility
April 5
RS Fiber Cooperative's decision to halt bond payments and shift the financial burden to local taxpayers indicates a severe lapse in ethical business practices. This approach not only undermines corporate accountability but also places undue economic pressure on rural communities, reflecting irresponsibility that can have long-term adverse effects on public welfare.
Cities Forced to Raise Property Taxes to Subsidize Fiber Optic Network
-50
Economic and Structural Influence
April 5
By discontinuing bond payments, RS Fiber Cooperative has altered the economic structure of its public-private partnership, forcing municipal governments to absorb the shortfall through higher taxes. This decision has significant implications for local economic stability and reflects a shift of financial risk onto the broader community.
Cities Forced to Raise Property Taxes to Subsidize Fiber Optic Network
- JUL092015
On July 9, a groundbreaking ceremony marked the start of RS Fiber Cooperative's multi-year project to connect rural communities in Minnesota with high-speed fiber broadband. The member-owned cooperative, in partnership with Hiawatha Broadband Communications and supported by a $15 million General Obligation Tax Abatement Bond from local governments along with commercial loans from community banks, aims to enhance connectivity for 1,600 homes and businesses initially, expanding further in subsequent phases.
+70
Public and Political Behavior
April 5
The groundbreaking event reflects an empowering, community-led effort that underscores the cooperative's role in enhancing democratic participation and local autonomy. By prioritizing member ownership and local decision-making, RS Fiber Cooperative acts in opposition to centralized, authoritarian models.
RS Fiber Cooperative Breaks Ground - Institute for Local Self-Reliance
+60
Business Practices and Ethical Responsibility
April 5
RS Fiber Cooperative's member-owned structure and financial strategy—leveraging local government bonds and community bank loans—demonstrate ethical business practices that favor community welfare over unchecked profit motives, countering exploitative corporate models.
RS Fiber Cooperative Breaks Ground - Institute for Local Self-Reliance
+65
Technology and Services Impact
April 5
By deploying fiber-to-the-home (FTTH) technology capable of delivering gigabit speeds to underserved rural areas, the cooperative leverages technology to empower local communities, enhance communication, and deter the digital isolation that can lead to authoritarian control.
RS Fiber Cooperative Breaks Ground - Institute for Local Self-Reliance
+70
Economic and Structural Influence
April 5
The project is structured to stimulate local economic development by expanding connectivity and attracting new businesses to the region. By improving the structural infrastructure, RS Fiber Cooperative is fostering a decentralized economic environment that benefits local communities and hinders the centralization of power.
RS Fiber Cooperative Breaks Ground - Institute for Local Self-Reliance
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