City terminates deal with LandCo, USOC

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The City of Colorado Springs has terminated the Economic Development Agreement with LandCo Equity Partners and the U.S. Olympic Committee regarding “USOC facilities.”

The facilities include a downtown headquarters building for the USOC, renovation of the National Governing Bodies building and work at the Olympic Training Center.

The city also terminated the Purchase and Sale Agreement between the City of Colorado Springs Public Facilities Authority and LandCo Equity Partners to purchase the top five floors of the USOC headquarters building at 27 S. Tejon St.

A letter from City Attorney Patricia K. Kelly to attorneys representing LandCo and the USOC says, “It is apparent that the EDA and Purchase and Sale Agreement have both been breached in several material respects, thereby making it impossible to comply with those agreements.”

The letter outlines what the city considers to be multiple breaches of the agreements by LandCo.

City representatives said the termination does not diminish the city’s commitment to keeping the USOC headquarters and the Olympic Training Center in Colorado Springs and that it is working to resolve a lawsuit that LandCo CEO Ray Marshall filed against the city.

The USOC terminated the agreement April 30.

 Click here to view the city’s termination notice