LandCo Equity Partners has resolved its fight with the U.S. Olympic Committee and removed the committee from its lawsuit over a $53 million deal to keep the USOC in Colorado Springs.
The developer sued the city of Colorado Springs and the USOC in March, accusing both of failing to meet “basic obligations” in the three-way deal crafted to keep Colorado Springs the country’s Olympic capital for another 25 years.
As part of the deal, the city promised to sell nearly $21 million in municipal bonds last November to fund a project for a new headquarters and upgraded facilities. But the bond market collapsed and the city has yet to sell the bonds.
LandCo says it has spent more than $20 million renovating an old furniture store it owns in downtown Colorado Springs into the USOC’s new headquarters and sued to force the city to help carry its share of the deal.
In May, the USOC said it had terminated the three-way contract but added it was continuing discussions to get the new headquarters built and the training center upgraded.
LandCo hopes to resolve its fight with the city too.
