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Commissioners approve resolution backing tax‑exempt financing for Encore Connects to expand Fybe broadband
Summary
Martin County approved in principle a resolution allowing Encore Connects to borrow tax‑exempt conduit bonds through the Public Finance Authority to support Fybe broadband expansion into four counties, including an expected 2,200 service locations in Martin County; county approval imposes no repayment obligation on the county.
The Martin County Board of Commissioners voted unanimously on April 9 to approve in principle a resolution that allows Encore Connects to pursue tax‑exempt conduit financing through the Public Finance Authority of Wisconsin to support expansion of the Fybe broadband network into eastern North Carolina.
Attorney Conner Crews of McGuire Woods, representing Encore/Encore Connects, told the Board the public hearing required by federal tax law gives local elected bodies an opportunity to comment on tax‑exempt financings located in their jurisdiction. He emphasized that approving the resolution does not obligate Martin County to pay or guarantee the bonds. "The approval of the bond would not subject the county to any liability, no responsibilities to repay the debt, or any costs associated with the approval," Crews said.
Sam Said, Fybe's field director, told the Board the expansion project would add roughly 14,100 fixed locations across the four counties included in the plan — Bertie, Martin, Halifax and Granville — and about 2,200 service locations in Martin County alone. Said said the buildout is expected to conclude around October 2026. Crews and Said said the financing plan combines grant funding with conduit bonds; grant programs referenced included GREAT and CAB funding sources.
Commissioner Ronnie Smith asked about target areas and whether Fybe already serves some parts of the county; staff and counsel confirmed Fybe has an existing footprint and that this project is an expansion under a new legal structure that uses a nonprofit conduit (Encore) to access tax‑exempt financing. Crews said the total project spend is about $55 million with a significant portion expected to come from grant proceeds; grant funding must be expended by the end of 2026, he added.
The Board adopted the resolution 5–0. County staff said the approval is a required procedural step under federal tax rules and does not expose the county to financial liability for the bonds. The next procedural step is execution of the county resolution and final review by bonding counsel and participating financing entities.
