USOC: COP$

City of Colorado Springs pays, U.S. Olympic Committee stays

by John Hazlehurst

 Colorado Springs Business Journal / Jul 31, 2009

As City Councilman Bernie Herpin predicted several weeks ago, the new U.S. Olympic Committee deal is very much like the old USOC deal, except that the city is now the only paymaster.

The cost of the deal: more than $50 million.

If agreed to by City Council, the city, acting through a so- called Public Facilities Authority, will buy the top five floors of the building at 27 S. Tejon from LandCo Equity Partners for $18.8 million, and spend an additional $2.7 million on interior finish. The building will be leased to the USOC for a symbolic annual payment of $1. In addition, the city will reserve 240 parking places for the USOC's use in the city parking structure at the intersection of Colorado and Nevada.

The ground floor and lower level of the building will be retained by LandCo, at least for the present. It's not clear whether LandCo will lease it to an Olympic-related entity, or simply make it available to any prospective lessee.

If it chooses the latter, there are some businesses that won't qualify, regardless of financial soundness.

The new economic development agreement between the city and the USOC says that, "The city shall obtain agreement of any owner of the first floor or lower basement of the building through the Condominium Declaration or otherwise that the first floor and lower basement space shall not be used by such owner or any assignee for a business primarily involving the sale of nutritional supplements or similar products or for a business that primarily sells goods that are sexual in nature and such space shall be offered for use to USOC sponsors as a right of first offer on commercially reasonable terms."

The city also is on the hook for $16 million in improvements to the campus of the Olympic Training Center, which LandCo had originally agreed to finance. The agreement calls for the city to provide $13 million for funding the improvements within 90 days, and the remainder within 25 months.

The El Pomar Foundation has agreed to provide $1.5 million of the total, and the state's economic development unit will provide $500,000. Although the city is responsible for the remainder, city leaders plan to provide only $9.5 million in public funds, and raise $4.5 million from private donations.

Such donors will be recognized, as long as they ante up at least $30,000. The new EDA says that, "After the occurrence of the phase 1 funding date, the USOC agrees to construct, in its reasonable discretion, a permanent recognition display within a publicly visible portion of the Olympic Training Center to show appreciation for all individuals and entities donating $30,000 or more to fund the OTC improvements ..."

In addition, the city also will complete the renovation of the former city gas department building at 30 Cimino Drive, and lease it to the USOC for a dollar a year. The USOC will use the building to house national governing bodies.

The USOC will agree to lease both buildings for a period of 30 years, and to maintain its headquarters in Colorado Springs during that period. If the USOC decides to leave town and break the leases, it will be responsible for repaying much of the city's investment in the buildings, depending upon the length of their tenancy.

The original deal had a purported annual price tag of $1.7 million, the estimated cost of debt service on the certificates of participation that the city, through the PFA, will issue to pay for the acquisition and/or renovations of the two buildings.

It is now estimated that the city will issue as much as $35 million in COPs, up substantially from earlier estimates. Annual debt service will depend upon prevailing interest rates, but it will likely exceed $2 million annually. There will, in addition, be other annual costs, as the PFA, in its capacity as landlord, will be responsible for maintenance, repairs and miscellaneous expenses associated with both buildings.

According to the city's Web site, council has scheduled a special meeting at 4 p.m. today at city hall "... to publicly discuss the proposed Economic Development Agreement and proposed LandCo settlement. At council's formal meeting on Aug. 11, public comment will be heard on this item, and then council will vote on the agreements in their public session."

Sour Grapes

Clockwise from top:  Barry Noreen, John Hazlehurst, Ralph Routon and Rich Tosches

Click here to hear John Weiss whining for "healing" and asking the important questions...like why "Steve Bach won't walk in the Gay Pride Parade."


Quick -- somebody call the man a "waaahhhhmbulance."


SO WHAT?!?  Gay Pride was never one of Steve Bach's campaign platforms.   


Besides, WHO CARES?!?  Lots of people dislike parades like they dislike Ethel Merman's voice; like me, for instance.  I'll come right out and admit that I even dislike the Parade of Lights parade...and only watch if and when my kids' marching bands are in the line up. 

NEWSFLASH: 


Not to rain on anyone's parade, but while there are some who devote an entire year to planning their hella-tacky costumes, decorating their hella-ghetto floats, stenciling their poster-board protests, and practicing high-heel walks and falsetto talks, LET IT HEREBY BE KNOWN THAT THE VAST MAJORITY OF US ARE WORRIED ABOUT FAR MORE IMPORTANT ISSUES THAN YOUR GAY PRIDE PARADE.
 

Listen:  I am tired of pussy-footing around this make-believe and manufactured issue, and refuse to do so any longer.  


The Colorado Springs Independent is a great big gay megaphone, with the Gazette increasingly following suit...allowed to shout down as "bigots" and "bullies" anyone who would disagree or dare to adhere to alternative points of view.


Well, those aren't the first or the worst "B" words I've been called, boys; bring it:  I can handle it -- hell, I'm used to it.  


Believe it or not -- more often than not -- that's what happens when one decides to roll with the punches, rather than tiptoe about on eggshells; one develops what is known as a "thick skin"...and learns to do other things besides nursing one's wounds, examining one's bruised ego, and rubbing salve on ones chapped ass.


I have had it with the constant crying about this and that perceived injustice; WHATEVER.  


WANNA KNOW WHAT'S UNFAIR, FOLKS?  THAT THE GAZETTE HIRES "OPINION" WRITERS LIKE BARRY NOREEN AND THE DEARLY-DEPARTED MARK BARNA...AND THE INDY EMPLOYS RICH TOSCHES AND JOHN HAZLEHURST...AND THESE SHAMELESS, UNAPOLOGETIC LEFTIST MOUTHPIECES OF DUBIOUS TALENT* ACTUALLY GET PAID FOR AND GET AWAY WITH SAYING WHATEVER DERISIVE THING THEY WANT ABOUT CONSERVATIVES...ALL ON ACCOUNT OF THEIR OH-SO-TOLERANT AND ALL-ACCEPTING BLEEDING HEARTS.


But conservatives are all expected to keep their mouths shut.  


WELL, HERE'S ANOTHER NEWSFLASH:  


Conservatives can be tolerant too; we keep tolerating this kind of crap from the left, don't we?
 
I hope you understand what it is I'm about to say...but if the left has Dr. Tosches irreverently clobbering their funny bones with that little rubber hammer thing, then the right has Spydra...and my schtick is all mine and all free -- WHADDA BARGAIN, FRIENDS.


This conservative black woman considers Weiss' KKK crack to be ENTIRELY out of line, uncalled for, and indicative of the true, blue little bigot he really is -- a hella-wealthy, angry little hypocrite who doesn't give a damn about what kind of dishonest garbage he spews or whom might take offense.  I guarantee you, this was not the song Weiss was singing when the boat made out of black people happened to jerk *my* chain.


For more on this story -- including some withering commentary from Weiss' soul-brother and fellow raisinette, Barry Noreen -- click here.






*Unlike Noreen and Tosches, John Hazlehurst is an excellent writer...and so is Ralph Routon, though to a slightly lesser degree.  I liked them both a lot more when they *weren't* writing for the Independent -- now, back on the Indy's payroll, their mutual lopsidedness detract from their innate talent.