Since the end of January, Mayor Lionel Rivera has been attempting to raise $1.5 million from wealthy, civic-minded individuals to prop up the troubled deal between the U.S. Olympic Committee, LandCo Equity Partners and the City of Colorado Springs. As the Business Journal reported today, the USOC deal is stalled because of LandCo’s apparent inability to provide its $16 million portion of the $53.5 million investment required from the partners.
The Business Journal obtained a copy of a letter from the mayor, which has apparently been sent to potential investors whom the mayor then calls to pitch.
The letter says, “Today, there is an opportunity to be part of a great future … the City of Colorado Springs invites you to partner with us in this exciting project … The City of Colorado Springs and its project partners have guaranteed the USOC an investment package worth $53 million to construct the (facilities). We only need to raise $3.5 million to realize our goal for this phase of the project. Because of the importance of this project, the El Pomar Foundation has agreed to match contributions for this project dollar for dollar, up to $1.5 million.”
Pointing out that there are “attractive state enterprise tax credits as well,” the mayor wasted no time in getting to the heart of the matter.
“Because of your commitment to Colorado Springs, and your investment in our shared future, I extend an invitation to you to invest in this project … I truly hope you will be part of the dream!”