The deal

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The U.S. Olympic Committee/Olympic Training Center project cost was originally estimated at $53.5 million.
The city’s share is about $27 million, to be financed by certificates of participation. The El Pomar Foundation will kick in $2 million, and the state economic development office has agreed to provide $500,000.

LandCo Equity Partners LLC had reportedly secured private funding for the $23.5 million balance as of last March, when the initial agreement was signed.

LandCo committed to pay for, wholly or in part, a broad range of projects, including the USOC headquarters building (currently under construction at 27 S. Tejon) and the construction of 158 housing units for athletes at the Olympic Training Center.

When the deal was announced with great fanfare last March, the partners said that all of the projects would be completed by December 2009.

So far, LandCo has completed renovation of the USOC’s temporary offices at 19 N. Tejon St., and has begun reconstruction of the headquarters building at 27 South Tejon. Construction of housing units at the OTC has yet to begin.