USOC Construction In Financial Trouble? City, LandCo Says No
By Josh Simeone J.Simeone@krdo.com
COLORADO SPRINGS – A spokesperson for LandCo tells NEWSCHANNEL 13 the U.S. Olympic Committee project is still on track, despite rumors.
Published reports this week suggested LandCo, the company in charge of construction on the U.S.O.C.’s new headquarters downtown, was running out of money and would be unable to complete the project.
A spokesperson for the company tells NEWSCHANNEL 13 the U.S.O.C. project is not in jeopardy, nor is any other of the company’s projects in Colorado Springs.
In a statement to NEWSCHANNEL 13, LandCo says: “The U.S.O.C., city and LandCo are working closely together to keep the project moving forward. This project is still alive and we are all optimistic.”
The new completion date for the headquarter building is September of 2009 – pushed back from the original summer completion date.
The only thing that is left in the project is the city’s share of funding. The city was supposed to have borrowed millions of dollars in bonds by November of last year. The city still has not borrowed the money.
City council members close to the project say the city is searching for the lowest interest rates available. The interest rates on the bonds will be paid for out of the city’s budget.
For months, crews have added onto the building at the corner of North Tejon Street and Colorado in downtown Colorado Springs. Construction has taken up several parking spots and has caused small traffic delays.
Business owners in the area are thrilled to hear the project is still on track.
“The U.S.O.C. is such an integral part of this city anyway, so I think it would be a shame if it wasn’t to come about,” Martin Troy, manager of Jack Quinn says.
