Sorry, Arizona, but basketball (and friend Caroline) ain't moving.

The Colorado Springs City Council voted to approve an agreement with the U.S. Olympic Committee that will provide a new headquarters building in downtown Colorado Springs, a National Governing Body building and fund $16 million in improvements at the Olympic Training Center. The agreement to keep the U.S. Olympic Committee in the city for the next 30 years was approved 8-1 by the Colorado Springs City Council in its regular Tuesday meeting.

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

In an address to the City Council in the open session before the vote, USOC Chief Operating Officer Norm Bellingham thanked the city for its efforts.

"This is a very positive step for the USOC, the National Governing Bodies who are located here and the athletes who call Colorado Springs home," he said. "We are proud of our time in Colorado Springs but we are more excited about our future here and what it will mean to our organization, our staff and our athletes in this great setting. "

The city must now meet the following deadlines:

• Within 45 days of a signed agreement, the City must finance the purchase of the headquarters building through the issuance of Certificates of Participation.
• The City must secure $13 million of the $16 million for Olympic Training Center renovations in 90 days with a termination date of Dec. 31, 2009 if not secured.
• The City must complete construction of the Headquarters Building by March 31, 2010 and the NGB Building by Dec. 31, 2009.

The additional $3 million for Olympic Training Center improvements must be raised within 25 months of a signed agreement between the two parties. The USOC will be required to begin construction on the Olympic Training Center within four years from the receipt of all necessary construction approvals and permits. The USOC will select a construction company that will build housing units for athletes, including married athletes and Paralympic athletes. The new construction will increase the housing capacity from 515 to 761.

Also included in the construction will be the renovation and expansion of the existing Athlete Center and the Visitors Center and related infrastructure.