Plans to create a US$75m museum in Colorado Springs dedicated to the Olympic movement have moved a step closer to becoming a reality, with the final pieces of essential funding reportedly now in place for the project.

According to the Colorado Springs Gazette the US Olympic Museum could break ground in the next few months after the city’s Urban Renewal Authority agreed to issue bonds partly financing construction.

The decision follows another multimillion-dollar loan received by the museum from the Colorado Economic Development Commission.

Images revealed by the museum show excavation work has begun on their downtown site on Sierra Madre Street and Vermijo Avenue. A formal groundbreaking is expected to follow shortly, and the project could be complete as early as 2018.

Designed by New York studio Diller, Scofidio + Renfro (DS+R), the 60,000sq ft (5,574sq m) museum will be dedicated to the achievements of US Olympic and Paralympic athletes.

The 20,000sq ft (1,858sq m) of exhibit space will explore the training regimens of Team USA athletes, record-breaking performances, and sports science and technology. A theatre, gift shop, café and broadcast studio will also feature.

According to DS+R partner Elizabeth Diller, the form of the building is inspired by the movement of athletes, with the structure framing a new downtown public plaza.

Anderson Mason Dale Architects will operate as architect of record for the project, while Gallagher and Associates will serve as exhibit designer, Pacific Studio as exhibit fabricator, Barrie Projects as national museum consultant and GE Johnson as general contractor.

Colorado Springs has been chosen as the location for the museum because the US Olympic Committee has been headquartered in the city for four decades and one of the country's three Olympic Training Centers is there.

The Urban Renewal Authority has expressed its belief the attraction will be a catalyst for tourism and development of the downtown area. The museum is part of City for Champions – a series of tourism projects designed to attract thousands of new visitors to Colorado Springs.

According to the Gazette, the authority will issue US$39m in bonds, which several banks will purchase. Of this, $26.1m will go to the museum, US$8.8m will help pay for public improvements to the surrounding area and the rest will be held in reserve to pay expenses related to the bond issue. The bonds are scheduled to be paid off by 2027 using state sales tax revenues.