City of Colorado Springs / Communications / NewsNN City Terminates Economic Development Agreement With LandCo Equity Partners and USOC
The City of Colorado Springs delivered a termination notice this afternoon to LandCo Equity Partners and the USOC ending the tri-party Economic Development Agreement Regarding USOC Facilities entered into by the City, USOC, and LandCo. Additionally, the action terminates the Purchase and Sale Agreement between the City of Colorado Springs Public Facilities Authority (PFA) and LandCo Equity Partners regarding the PFA?s purchase of the top 5 floors of the property at 27 South Tejon for use as a headquarters facility for the USOC. The termination notice is attached on page two.
In no way does this action reflect any diminishment of the City?s commitment to keeping the USOC Headquarters and its Olympic Training Center in Colorado Springs. In fact, the City is working diligently to resolve this lawsuit to allow the parties to move forward with new agreements for implementing the project.
The City regrets having to take this step.
The USOC terminated the Agreement on April 30, 2009.