OLYM­PIC MU­SEUM MUST RAISE FUNDS BY END OF MARCH

The Denver Post - - BUSINESS - By Rich Laden

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.

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