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December 24, 1985

Pittsburgh's Urban Redevelopment Authority (URA) has approved a $25-million loan to a public-private coalition that is buying the Pittsburgh Pirates.

The approval is the final step in Mayor Richard Caliguiri's efforts to keep the financially troubled team in Pittsburgh and also clears the way for municipally owned Three Rivers Stadium to be sold to a group of New York investors.

The loan is for 15 years, with an 8% interest rate. The loan is to be repaid only if the National League team begins to show a profit or if the team is sold for a profit.

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