Developer LandCo Equity Partners has resolved its fight with the United States Olympic Committee and removed the committee from the lawsuit that threatens the $53 million public-private deal to build a new headquarters and upgrade facilities to keep the committee in Colorado Springs.
LandCo sued the city of Colorado Springs and the USOC in March, accusing both of failing to meet “basic obligations” in the three-way deal that was crafted to keep Colorado Springs the country’s Olympic capital for another 25 years.
As part of the deal, the city had promised to sell nearly $21 million in municipal bonds last November to fund the project, 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 90,000 square-foot headquarters and sued to force the city to help carry its share of the deal.
In May, the USOC announced it had terminated the three-way contract but said it was continuing discussions to get the new headquarters built and the Olympic Training Center upgraded.
Wednesday’s announcement by LandCo said the developer had settled its dispute with the USOC but did not settle its fight with the city of Colorado Springs.
“Although the lawsuit between LandCo and the City continues, the USOC and LandCo hope that a full resolution of all disputes between LandCo and the City can be reached so that the project can be completed for the benefit of the USOC and United States Olympic athletes,” LandCo said in a statement released Wednesday.
