FAIRLAWN -- The regional authority that put the Commerce Park project together will be asked to take on a second economic development project next month.

The New River Valley Telecommunications Committee, part of the New River Valley Planning District Commission, will take its draft plan for Internet broadband services to the Virginia's First Regional Industrial Facility Authority at its April 12 meeting.

Pulaski County and the town of Pulaski have taken the lead, with planned investments in T-1 transmission lines that would become part of the system.

A total of 80,100 shares in the telecommunications project will be offered for sale at $11.25 per share. The per-share cost is based on the amount of money necessary to cover interest payments for a 10-year, $2.6 million Rural Development loan to fund the first phase of the system.

Half of those shares will be offered to the 15 localities in the authority. Each one will be able to buy up to a fifth of the 40,050 shares. The other 40,050 shares will be offered to nonmember investors such as telephone companies and other service providers. A minimum of 1,000 shares must be bought to become a shareholder.

As was done with Commerce Park, any shares left after the first offering would be offered to any of the participants wanting to increase their shares. If any shares remain unbought, the committee would review the project financing to decide if it should still be undertaken.

A public-private partnership would be set up to coordinate, operate and contract for services from a wireless authority to provide the service to a geographic area covering all participating local governments.

The total system would cover more than 280 miles, as planned. The first phase would be a 34.5-mile segment from Wythe County through Pulaski County and into Montgomery County along the U.S. 11 and Virginia 114 corridor.