City to vote on debt restructuring plan for Peoria Chiefs

By WEEK Producer

April 26, 2013 Updated Oct 26, 2013 at 7:32 PM CDT

PEORIA, Ill. -- The Peoria City Council will vote Tuesday night on debt restructuring plan for the Peoria Chiefs.

Council members received copies of the redevelopment agreement on Friday that includes the city taking over bond payments on the stadium of $1.2 million over eight years.

The plan also includes $2 million in naming rights from Caterpillar and an increased investment from the Chiefs ownership group.

"You look at many minor league ballparks across the country, typically they're owned by the municipality," said At-Large City Councilman Ryan Spain. "Now that's not our model and I'm glad it's not but seeing major corporations like Caterpillar and other folks stepping up to make this work, it helps."

While the city is helping subsidize minor league baseball they said no to the Vancouver Canucks request for city financing to help keep Professional hockey in town.

" The ask from the Canucks was for one and a half million dollars for one year. The ask of the Chiefs was one point two million dollars over eight years. We have a debit that we are paying right now. The bond that we have to pay back, we have to pay back whether or not the baseball team is here or not," Patrick Urich, Peoria City Manager.

The council will vote on the agreement Tuesday night. Caterpillar says if the deal doesn't pass that night they will pull their offer.

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