Charitable donation helps Colorado Springs fulfill first part of USOC headquarters obligation

Associated Press

Last update: November 9, 2009 - 8:47 PM

COLORADO SPRINGS, Colo. - A charitable foundation is donating $3 million to help keep the U.S. Olympic Committee headquarters in Colorado Springs.

The El Pomar Foundation, one of Colorado's largest charities, announced Monday it was donating the money to help Colorado Springs satisfy a $13 million requirement in the first phase of a $53 million project.

The project will pay for new USOC headquarters, Olympic Training Center improvements and buildings for a number of national governing bodies.

The rest of the $13 million, due to the USOC by Nov. 18, will be raised through the city's sale of "certificates of participation" and from a $500,000 state grant.

Another $3 million is due Sept. 18, 2011, and a committee including former USOC president Bill Hybl has been formed to raise the money.