City Deposits $13 Million to Expand and Improve Olympic Training Center in Colorado Springs
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 Deposit (COPs) in November, $500,000 from the state of Colorado and $3 million from El Pomar Foundation.
The agreement called for $13 million to be deposited in an escrow account to the USOC within 90 days of the signed agreement between the parties. The signings occurred August 18 and 19, 2009, making the deadline for the transaction 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 which was announced on November 9.
The USOC is scheduled to move into the downtown headquarters building on Tejon St. and Colorado Ave. by the end of March 2010.