Colorado Springs, CO (My Sportsbook) - The Colorado Springs city council approved an agreement with the U.S. Olympic Committee which provides it a new headquarters, and thereby keeps the USOC in the town for the next 30 years.

"The USOC is grateful to the city council and the citizens of Colorado Springs for this important step in our history," said USOC chief executive officer Stephanie Streeter. "This has been our home for 32 years and will be for another 30 because of today's action."

The vote was approved by an 8-1 margin on Tuesday, and is contingent upon the following criteria: Colorado Springs has to finance the purchase of the new headquarters within 45 days; the city has to secure $13 million of the $16 million total cost for renovations to the Olympic Training Center within 90 days; the city must complete construction on the USOC building by March 31, 2010 and complete construction on a National Governing Body building by December 31, 2009; the additional $3 million for the OTC upgrades must be raised within 25 months of a signed agreement between the city and the USOC.

In addition, the USOC is required to begin construction on the new training facility within four years after acquiring the necessary permits and construction approvals. If all goes according to plan, the new grounds will be able to accommodate almost 250 more athletes, to a capacity of 761.