New USOC Deal Costs Millions More Than Original
By Josh Simeone J.Simeone@krdo.com
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COLORADO SPRINGS – A new agreement approved by the United States Olympic Committee will end up costing the city millions of dollars more than originally intended.
On Thursday, USOC executives voted to remain in Colorado Springs for 30-years after reviewing a new agreement put together by the City of Colorado Springs.
Under the new 33-page document, the city is committed to paying for $16 million in improvements to the Olympic Training Center. The agreement details that $9.5 million would be taken from Certificates of Participation, with the remaining amount raised through private donations.
Under the new agreement, the city still will purchase the future USOC headquarters at the intersection of Tejon and Colorado in Downtown Colorado Springs. The money, as originally planned, comes from Certificates of Participation. Eventually, the USOC would have the option to create a lease/purchase agreement to buy the building from the city.
The new agreement comes more than one year after city council members passed an original multi-million dollar incentives package to keep the committee in Colorado Springs. Plagued by missed deadlines and a resulting federal lawsuit, the original deal is now gone, with the new, more expensive agreement in its place.
“I think we’ve structured it the best we can to benefit the city and our partner, the U.S. Olympic Committee,” Colorado Springs Mayor Lionel Rivera said.
The new agreement, however, includes some large commitments and perhaps some unrealistic deadlines. Portions of the agreement detail strict construction schedule deadlines that could end up costing the city even more money if not met in time.
Colorado Springs City Council has reviewed the agreement, but wasn’t able to publicly discuss terms of the agreement until Thursday night, when the documents were released on the City’s official website.
City Council still must approve the new agreement, and some members say there are still a lot of details to sort through before giving the deal the green-light. City council will meet Friday at 4 PM in a public meeting to sort through the new agreement. Councilman Tom Gallagher says it’s important the public get the chance to see the terms of the new deal.
Gallagher has voted consistently to keep meetings regarding the USOC open to the public.
City council will vote on the agreement on August 11th.
In a statement sent to NEWSCHANNEL 13 minutes after approving the new agreement, Acting USOC CEO Stephanie Streeter wrote: “We believe that this new arrangement – in the form it is written – is very positive for the USOC, the National Governing Bodies housed in Colorado Springs, and the City of Colorado Springs as a whole.”
In another statement, the attorney representing LandCo wrote: “We’re pleased to have reached an agreement that paves a way forward to keep the U.S. Olympic Committee in Colorado Springs for decades to come.”
To read the agreement for yourself, click here to be taken to the City of Colorado Springs official website. The documents posted on the website are the exact documents given to city council members. You can also read previous USOC related stories by clicking the links on the right side of this story.
