The City of Colorado Springs has deposited $13 million in an escrow account to satisfy phase II of the economic development agreement with the U.S. Olympic Committee (USOC) to keep the organization in Colorado Springs.
The grant will be used by the USOC for improvements to the Olympic Training Center, including additional housing and dining facilities for athletes. As part of the agreement the USOC has committed to begin construction within four years.
The total funding will include $9.5 million raised by the City through the sale of Certificates of Participation (COPs) in November, $500,000 from the state of Colorado and $3 million from El Pomar Foundation.
The agreement called for the $13 million to be deposited in an escrow account to the USOC within 90 days of the signed agreement between the two parties. The signing occurred August 18 and 19, 2009, and the deadline for the transaction would have been today, November 19. City Council held a special meeting Wednesday November 18, to approve the action as required in joint agreement.
El Pomar Foundation originally pledged $1.5 million toward the project but increased their total grant to $3 million on November 9.
The USOC is scheduled to move into the headquarters building on Tejon and Colorado by the end of March 2010.
"This is a significant and major milestone in this project and it provides us with the means to expand our athlete services at the Olympic Training Center," said USOC Acting CEO Stephanie Streeter. "We plan to begin this exciting expansion within the next few years enabling us, among other things, to accommodate married athletes at the complex and in this city. We’re excited that positive momentum is building for all the partners—Colorado Springs, El Pomar, and the USOC".
For more information contact Bob Condron, Director of Media Services, U.S. Olympic Committee, 719 866-4530.