Charity chips in $3 million of USOC payment

Nov 9, 9:51 pm EST

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COLORADO SPRINGS, Colo. (AP)—A charitable foundation is donating $3 million to help keep the U.S. Olympic Committee headquarters in Colorado Springs.

The El Pomar Foundation, one of Colorado’s largest charities, announced Monday it was donating the money to help Colorado Springs satisfy a $13 million requirement in the first phase of a $53 million project.

The project will pay for new USOC headquarters, Olympic Training Center improvements and buildings for a number of national governing bodies.

The rest of the $13 million, due to the USOC by Nov. 18, will be raised through the city’s sale of “certificates of participation” and from a $500,000 state grant.

Another $3 million is due Sept. 18, 2011, and a committee including former USOC president Bill Hybl has been formed to raise the money.

Updated Nov 9, 9:51 pm EST
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3 Comments

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  1. Barney the Purple Dinosaur
    3. Posted by Barney the Purple Dinosaur Sat Aug 1 10:32am EDT

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    Yeah, what Pockets said!
    "half-assed" is generous for this kind of shoddy workmanship.
  2. Pockets
    2. Posted by Pockets Fri Jul 31 1:28pm EDT

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    This areticle mentions that some people believe the city shouldn't have to put money up for the new construction. Who should pay for it? Are they suggesting that the USOC fund the entire project and the city reap a huge profit from the business they will receive over the next 25-30 years?

    How much money will the city make off the business the USOC will bring in?

    So the city if funding $16 mil vs the USOC funding $37 mil.

    What kind of revenues do they USOC take in each year?
    What kind of spending do they do in the city vs outside the city?

    What part of the deal did the city fail to uphold?
    These are important questions for a story like this.

    This article is half assed at best.
  3. I HATE SPAM!
    1. Posted by I HATE SPAM! Thu Jul 30 11:02pm EDT

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    Wow, Look at those prices for all of that COUNTERFEIT OVERSEAS GARBAGE!!! SPAMMERS ARE SCAMMERS....PERIOD!!
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