Project's general contractor is prepared to halt construction
The U.S. Olympic Committee deal has another problem.
The general contractor hired by LandCo Equity Partners to remodel a former Colorado Springs Utilities building into offices for Olympic-themed national governing bodies is poised to halt work because it's worried LandCo doesn't have enough money to finish the job.
Springs-based Copestone General Contractors wrote a letter on June 4 to LandCo President Jim Brodie, warning that LandCo has failed to demonstrate it has sufficient funds to make final payments to Copestone. LandCo was required to provide the documentation as part of its contract with Copestone; the contractor has sought the information since January.
"It is unfair for Copestone and its subcontractors and suppliers to continue to work and provide materials when there are significant concerns about whether they will be paid," wrote Copestone General Manager Steve Binkley.
The letter also warned that, today, Copestone is set to terminate the contract altogether.
While contractors typically file mechanic's liens when bills aren't paid, Copestone wouldn't be able to do so in this case because Colorado law forbids placing liens against public property, said Copestone attorney Karl Berg. The Utilities building is owned by the city.
In an interview, Binkley said Copestone is prepared to halt construction Monday. He said he didn't know how much of the Utilities building remodeling has been completed, or how much money LandCo is expected to pay.
LandCo officials couldn't be reached for comment.
