Central extension of the algebraic loop group

I'm doing some constructions with the universal central extension $\widehat{\Omega G}$ of the loop group $\Omega G$ (here $G$ is a matrix group), where a priori the loops involved are just smooth, but in fact turn out to be rational functions. This got me thinking to see if everything will in fact land inside the algebraic loop group $G\left(\mathbb{C}((t))\right)$. However, I would like to know how one constructs the central extension in that case, as for some reason I can't seem to find a decent discussion of this (I'm probably being stupid in my searching...). In particular, is the central extension something like an ind-affine algebraic group? Given the cocycle describing the extension, how do you get said extension? (the method I know gives it as a quotient of a split central extension of $P\Omega G$, see links above)

Now my intended aim is to package this into something like the crossed module $\widehat{\Omega G} \to PG$ representing the String 2-group, but using more algebraic ingredients. For instance, replace the Frechet manifold $PG$ of based paths in $G$ with the space of polynomial or rational connections on the trivial $G$-bundle on $\mathbb{C}^\times$. The part I don't know is the central extension as indicated above.

EDIT: let me add that I would be most interested in knowing whether the central extension of the loop group is something like an algebraic group or if it is in some sense 'inherently transcendental' (for instance, the cocycle one uses to build it uses a residue).

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I don't know a lot about this story, but there's a survey paper by Tits that is often referenced; see here: people.mpim-bonn.mpg.de/zagier/files/doi/10.1007/BFb0084581/… He discusses various aspects of constructing these extensions. –  Chuck Hague Oct 1 '13 at 16:18
The central extension of the algebraic loop group is indeed a group object in the category of ind-varieties. See mathoverflow.net/questions/24845/… The string 2-group doesn't exist in the world of algebraic geometry. The closest thing that does exist is the central extension of G by $K_2$. –  André Henriques Oct 2 '13 at 13:10
You might have a look at §4 of Beauville-Laszlo, Commun. Math. Phys. 164, 385-419 (1994). –  abx Jan 18 at 10:29
@Matthias: Why do you need simplicial sheaves? Isn't the $\mathbb A^1$-universal cover of $G$ a mere sheaf? –  André Henriques Aug 5 at 13:16
@David: As for literature references, the computation of $\pi_1^{\mathbb{A}^1}(SL_n)$ can be found in Morel's book "$\mathbb{A}^1$-algebraic topology over a field", LNMA 2052, check out the section on $\mathbb{A}^1$-covering space theory. The general case for split groups is discussed in my paper "$\mathbb{A}^1$-homotopy of Chevalley groups", Journal K-theory, 5 (2010), 245-287. An even more general case of isotropic groups along with a discussion of the universal covering is in my paper with Konrad Voelkel, front.math.ucdavis.edu/1207.2364. Sorry for the advertisement. –  Matthias Wendt Aug 11 at 13:30