City, LandCo close to settling USOC suit

A legal battle between the city and the lead developer in the troubled deal to keep the U.S. Olympic Committee in Colorado Springs is about to end, according to court documents filed Wednesday.

"LandCo (Equity Partners) and the city believe that the achievement of an agreement is close at hand, possibly only days away," according to documents filed in federal court.

Last week, Colorado Springs City Councilman Scott Hente, who is part of the city team negotiating a settlement with LandCo, said he hoped an announcement would be made at the beginning of this week. LandCo, selected last year to build a new headquarters and other facilities for the USOC as part of a $53 million incentives package, sued the city and the USOC in March, alleging they hadn't lived up to their terms of the deal.

Earlier this month, LandCo and the USOC announced they had "resolved all disputes," but wouldn't disclose the terms of the settlement.

LandCo and the city "have been working diligently to reach a settlement agreement," according to a joint motion seeking more time to work out a deal.

If LandCo and the city come to an agreement, the proposal could go to the City Council for approval July 14, the next regularly scheduled formal council meeting, documents state.

If the council doesn't take action July 14, the "next possible date" for the council to approve the agreement would be July 28 since the council meets every two weeks, documents state.

"The city must execute the agreement through a public process that culminates with a (council) vote," documents state.