The Peoria City Council approved its part of a financial restructuring deal with the Peoria Chiefs. The Council voted nine to one to absorb the payments on the Stadium’s remaining bond debt over the next eight years. Councilwoman Beth Akeson says she initially planned to vote against the restructuring deal, but changed her mind:
“I do not think we have a choice. I think we have to vote yes for this because the downside if the stadium does close, is going to cost our citizens more,” Akeson says.
Other council members spoke to the positive economic impact the stadium brings to the area each year. The overall restructuring deal also includes new owner investments and more revenue from Caterpillar and Bradley University. The Chiefs are also forming an advisory committee in the coming months to help with the team’s financial oversight going forward.