PEORIA, Ill. (WEEK) — A Kansas arcade basketball machine company is looking to pack up the moving truck and head to Peoria’s Warehouse District.
Pop-A-Shot claims to have “literally created” the electronic basketball shooting game back in 1981 in Salinas, Kansas. The games are ubiquitous throughout arcades.
In 2016, founder Ken Cochran sold his company to Anthony Stucker. Stucker’s other company, Foldan Ventures, has purchased four buildings at 918-926 SW Adams for Pop-a-Shot’s new home. The company is seeking a $250,000 loan from the city of Peoria’s revolving loan fund to renovate the 18,500 square feet of commercial space.
Stucker plans a total investment of $1.65 million into the properties. Pop-A-Shot will lease two floors, with the other space leased out to four other tenants.
The project would create at least 10 new jobs.
The loan would have a four percent interest rate over 10 years, amortized over 20 years. Fifty percent will be disbursed at the beginning of construction, and fifty percent when a certificate of occupancy is issued. The loan is conditional upon a $960,000 loan from a private lender and $440,000 of equity from Stucker.
Most of Pop-A-Shot’s revenues comes from the Home Dual Shot basketball arcade game. The company also makes Home Single Shot, PRO Dual Shot, and Premier Games.
The Peoria City Council is set to vote on the proposed loan next Tuesday.