Colorado Springs Vows To Keep USOC After Group Pulls Out Of Deal
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USOC Has Notified Colorado Springs
It Is Terminating Its Agreement |
Colorado Springs Mayor Lionel Rivera Friday vowed to "deliver on year-old promises" to the USOC, which two weeks ago "quietly dissolved the original $53[M] agreement to keep" the USOC from leaving the city, according to Chacon & Laden of the Colorado Springs GAZETTE. Rivera: "Our intent is to secure them here for another 25 years, just like we intended to do last year." The USOC on April 30 notified the city that it was "terminating its agreement" with Colorado Springs and developer LandCo Equity Partners, whose Chair Ray Marshall has a "criminal investigation hanging over his head." Outgoing USOC Chief Communications Officer Darryl Seibel said that the decision to dissolve the agreement "doesn't mean the USOC is looking for another home." But Steve Long, an attorney for Marshall, said in an e-mail, "We consider the USOC's attempt to terminate these contracts to be the latest in a series of breaches of the agreements between the USOC, the City of Colorado Springs and LandCo." Chacon & Laden reported the city "will work on developing a new agreement with the USOC," but a new deal "could mean a higher price-tag for taxpayers." Rivera said that the city is "evaluating the costs of a new agreement." Last year's agreement called for, among other things, the USOC to "move from its aging headquarters in central Colorado Springs into a LandCo-developed building," and while it "never happened, the city was supposed to have issued more than $20[M] in certificates of participation to buy the top five floors of the building, which it would lease to the USOC for a nominal fee" (Colorado Springs GAZETTE, 5/9).
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