COLORADO SPRINGS, Colo.—The Colorado Springs city council approved a deal Tuesday that will keep the U.S. Olympic Committee in town for the next 30 years.
The council voted 8-1 to fund $16 million in improvements to the Olympic Training Center, part of a $53 million deal that also includes a new headquarters for the USOC and new offices for a number of national governing bodies.
The USOC board has already approved the deal, which nearly fell apart earlier this year after the lead developer, LandCo Equity Partners, reduced its role in the project.
LandCo filed a lawsuit against the USOC and the city in March. The part with the USOC had been settled and LandCo officials said they will drop the case against the city Wednesday and continue to fund and oversee construction of part of the USOC headquarters building.
The deal has been a sore point for some who don’t believe Colorado Springs should be footing the bill for the USOC’s home. The USOC had offers from other cities, including Chicago, to relocate. The USOC employs about 300 people in Colorado Springs.
As part of the deal, the city has to secure at least $13 million of the $16 million for training center renovations by Dec. 31, with the remaining $3 million due within 25 months of the day the agreement is signed. The city must complete construction of the headquarters building by Dec. 31, 2010 and the NGB building by the end of this year.
The USOC has to begin construction on the training center improvements within four years of receiving construction approvals and permits.
