El Pomar Foundation will make a $3 million grant to the city of Colorado Springs and the United States Olympic Committee to “satisfy the next phase of the agreement to keep the USOC in Colorado Springs.”
Acknowledging the urgency surrounding the grant, El Pomar CEO Bill Hybl said that the entire $3 million would be placed in escrow prior to Nov. 18, thereby assuring that the city would not be in default of any provision of the funding agreement with the USOC.
Hybl said that the grant would not affect the foundation’s continuing support of health and human service organizations in El Paso County and throughout the state.
So far this year, he said, the foundation has increased its grants to such organizations by more than fourfold when compared to 2005.
During 2008 and the first ten months of 2009, El Pomar has made 121 grants totaling $3.49 million to El Paso County health and human services organizations, compared to $456,000 during 2005.
The agreement between the USOC and the city calls for the city to raise $3 million in private funding by Sept. 18, 2011.
Hybl, Phil Lane, and Nechie Hall will serve as co-chairs of the fundraising effort, while Mayor Lionel Rivera and Denver Mayor John Hickenlooper will serve as “special advisers” to the fundraising committee.