CHICAGO — Sioux Falls, S.D., is heading to market in coming weeks with a $119.2 million sales-tax-backed bond issue that marks the city’s largest borrowing to date.

Proceeds will help finance the construction of a 12,000-seat arena attached to the city’s convention center and existing event center. Officials hope the new three-building complex will spark more commercial development and they are already considering several proposals for a new hotel.

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