Deal to move USOC base is renegotiated
An agreement enabling the U.S. Olympic Committee to move its headquarters to downtown Colorado Springs is being renegotiated, and details of the changes will be announced as early as today by city officials.
The 25-year deal, struck last March after speculation the USOC would skip town, includes $53 million in incentives from the city, civic groups and LandCo Equity Partners, developer of a six-story building at 27 S. Tejon St. that's being renovated.
It also features $7.1 million in upgrades to a former Colorado Springs Utilities building that will house national governing bodies of Olympic sports and $16 million in improvements to the Olympic Training Center.
A city agency was supposed to buy the top five floors of the headquarters building in November after selling $27.5 million in securities called certificates of participation, but the transaction was delayed because of weak global financial markets.
The USOC has not signed a lease on the headquarters building. A source familiar with the negotiations said the city is capable of issuing the certificates without the USOC signing the lease.
"There's always a concern, given the current condition of the bond market and the money market," Councilman Randy Purvis said. "I'm confident things are going to get worked out. ... We're doing whatever we can to make sure it comes about."
LandCo chairman Ray Marshall said, "The city didn't close on their piece of it in November, and all three parties are working through that right now. They have to get it done, and I think they will get it done."
The 126,000-square-foot headquarters building is scheduled to be finished by July 30. Construction continues on the exterior, and progress is being made on the interior, with the installation of sprinkler systems, electrical and plumbing.
Marshall said the NGB building at 30 S. Cimino Drive is "about 50 percent done" and should be ready within a few months. Construction hasn't started at the OTC.
"We're still proceeding with the expectation that the proposal that was presented will be completed," USOC spokesman Darryl Seibel said.
