Google set to acquire existing municipal fiber network with some special terms.

In the wake of the news of Google Fiber's planned expansion to Provo, Utah, details have emerged that see Google acquiring the city's existing fiber network for only $1. The network is valued at $39 million, and should Google elect to abandon the initiative, the network would be sold back to the city a $1.

Kevin Lo, General Manager of Google Fiber, "In order to bring Fiber to Provo, we've signed an agreement to purchase iProvo, an existing fiber-optic network owned by the city. As a part of the acquisition, we would commit to upgrade the network to gigabit technology and finish network construction so that every home along the existing iProvo network would have the opportunity to connect to Google Fiber."

According to ZDNet, Google plans to "buy out the city's own network" for $1.

Although it has yet to be approved by city council, Google has intentions of purchasing iProvo. The deal will be voted on by the Provo City Council on April 23.

Meanwhile, the AssociatedPress reports that iProvo cost the city $39 million to build and even those who don't use it still pay $5.35 a month for the service, and the city will continue to pay for it long after Google takes over. But hey, all those in Provo can pay $30 for the installation fee once Google Fiber goes live, and have free basic (but fast) internet service for 7 years. At least that's Google's current plan.