COLORADO SPRING — Allegations that Colorado Springs provided lax oversight of money that El Pomar Foundation gave the city to retain the U.S. Olympic Committee are now the subject of an investigation.
Mayor Steve Bach announced Thursday that he asked the City Attorney’s Office to commission an independent investigation on the allegations, which surfaced most recently on Friday in the arrest warrant of developer Ray Marshall. Terri Velasquez, the city’s former chief finance officer, raised concerns about misuse of El Pomar funds after she was fired last year.
Marshall, chairman of LandCo Equity Partners, was involved in the first and now-defunct deal to keep the USOC from leaving Colorado Springs. Marshall is accused of theft and racketeering in connection with the alleged diversion of funds intended to pay for the USOC headquarters and two related projects.
“Oversight of funds used for the public good is a sacred trust, and I take very seriously any lack of care or diligence in managing these funds,” Bach said in a statement.
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