OLYMPIC MUSEUM MUST RAISE FUNDS BY END OF MARCH
U.S. Olympic Museum organizers have until March 31 to raise several million dollars in private contributions in order to obtain a loan to help finance the $75 million project slated for downtown Colorado Springs.
That deadline is one of the key conditions spelled out in a proposed financing agreement between three banks and museum organizers. The accord was presented Wednesday to the Colorado Springs Urban Renewal Authority.
At issue is a funding package that museum organizers are assembling for their project — a 60,000-square-foot showcase for the nation’s Olympic and Paralympic movements.
The nonprofit museum was proposed several years ago; in 2013, it was included as part of City for Champions — four projects designed to boost Colorado Springs tourism and that have qualified for up to $120.5 million in state funding over 30 years to help with their development.
Museum officials are seeking to finance the project with private funds and a loan, which would come in the form of a bond issue that would be repaid with the state funds.
UMB Bank, Academy Bank and FirstBank have agreed to purchase bonds totaling $39 million, with a reported $26.2 million of bond proceeds going to the museum. The Urban Renewal Authority, as the financing entity for City for Champions, would issue the bonds.