"This was an easy deal," said Marty Hickman, the executive director of the IHSA. "This was not a difficult decision and it wasn't a difficult decision because of the way this community has embraced the IHSA and its member schools."

And with that the boys state basketball tournament re–upped with Peoria for another 5 years, through 2015. Its become more than an event. After 14 years its part of this city's identity.

"It's really become our rites of spring," 4th district city councilman Bill Spears told News 25. "It's one of those events that we know in March it comes and livens up the city. It fires everybody up that basketball is here in town."

It's unprecedented for the IHSA to extend the contract of the boys basketball tournament without a bidding process. But Hickman says the tournament has never been in better hands. And in this economy there was no reason to jeopardize that.

"The piece of mind of knowing that we've got a great venue, great people to work with and a place that wants us to be here is a critically important part of this and it certainly played into this decision."

It's piece of mind for Central Illinois too. Every year the tournament helps pump between 3 and 4 million dollars into local businesses. That's money they can't afford to lose.

Emily McNeil is one of the managers at Old Chicago on the riverfront. She's seen March Madness take over her restaurant.

"We're usually packed from open to close," said McNeil. "We usually have a major wait. Our patio is always packed and everybody is having fun in the bar. We get a lot of business from downtown. We get to see a lot of Peorians and we also get to interact with people from out of state and out of the city who come to our restaurant and have a good time."

McNeil's restaurant employs 20 additional people just for the two state tournament weekends. Proof that Peoria needs the IHSA just as much as the IHSA needs Peoria.