Peoria City Council approves $3 million loan for sports complex

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PEORIA - The Peoria City Council has approved a multimillion-dollar loan that will help fund the development of a new youth sports facility.

City council members decided to Mark Petersen take out the loan in order to construct the Louisville Slugger Sports Complex.  City officials say the $3 million loan will be due next year, and that the city will charge four percent interest on it.

Petersen asked for the loan due to being unable to secure private fundraising in time.  Should Petersen default on the loan, the city will assume ownership of the 50-acre site.

Upon completion, the site is expected to include baseball diamonds, an indoor sports dome, and a hotel.
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