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The Honolulu Advertiser
Updated at 11:18 a.m., Monday, March 31, 2008

Colorado Springs approves $53M deal to keep USOC

By PAT GRAHAM
AP Sports Writer

COLORADO SPRINGS, Colo. — Colorado Springs approved a $53 million deal today aimed at enticing the U.S. Olympic Committee to keep its headquarters and training center in the city for at least 25 years.

The USOC has been a fixture in Colorado Springs for nearly 30 years and has been considering options to relocate because of aging facilities.

The City Council voted 7-1 for the proposal, which must be agreed to by the USOC. The proposal will give the USOC a new headquarters, renovations to an existing building and 158 new housing units for athletes at the Olympic Training Center.

"I think it's awesome," Mayor Lionel Rivera said. "I think it's really going to set our city off on a brand new start. The contributions we put together 30 years ago to bring them here were big but I think they pale in comparison to what we're doing now."

The 126,000-square-foot, seven-story headquarters building is expected to be completed by the summer of 2009. The top five floors are for administration, with the bottom two for retail use or family entertainment with an Olympic theme.

Rivera intends to lead a fundraising campaign. The proposal calls for $23 million in private contributions through Landco Equity Partners and $27 million in low-interest financing arranged by the city. The El Pomar Foundation, one of Colorado's largest charitable foundations, will contribute $2 million.