Posted: Aug 13, 2011 4:41 AM by Trovette Tottress
COLORADO SPRINGS, Colo. (AP) - City records suggest a developer improperly spent some of the $2 million grant that El Pomar Foundation gave to keep the U.S. Olympic Committee headquartered in Colorado Springs.
LandCo Equity Partners was the development firm initially chosen to build the headquarters building. According to The Gazette, city records show the firm spent nearly $94,000 of the grant money on banners and legal fees. The grant money was to have been used only for renovation of office space and
for tenant improvements and relocation expenses associated with the USOC's move to temporary quarters during construction of the new building.
Former Mayor Lionel Rivera and city spokeswoman Mary Scott said Friday that LandCo has reimbursed the city of the money.