Colorado Springs, USOC Reach New Agreement

COLORADO SPRINGS, Colo. (AP) — The Colorado Springs City Council has approved a revised agreement with the U.S. Olympic Committee that should save the city nearly $1.2 million of $3 million owed to the USOC for improvements to the Olympic Training Center.

In 2009, the city agreed to build the USOC a new headquarters downtown, among other provisions, and the USOC agreed to stay in town for 30 more years. The USOC also signed an agreement with the El Pomar Foundation to fund certain improvements at the training center.

The Gazette reports USOC officials proposed forgiving certain obligations under those agreements in exchange for the return of the naming rights. The deal approved Tuesday by the City Council has the USOC crediting the city nearly $1.2 million and the foundation releasing the naming rights.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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