DAVENPORT — Aldermen on Thursday night approved directing the city's administrator and attorney to create a nonprofit board of directors to oversee a proposed land-based, city-owned casino.
Aldermen have given Davenport Mayor Bill Gluba permission to negotiate the city's purchase of Rhythm City Casino, owned by Isle of Capri, for $46 million. City officials say the transaction could close by mid-2013, with a land-based casino open by 2015.
The new casino's initial board — appointed by the mayor and city council — would consist of the city administrator, the police chief, an alderman and four members of the community.
Thursday's motion included approving the proposed bylaws for a nonprofit entity, the Davenport Community Improvement Corp., to oversee casino operations. The motion directs city staff to file articles of incorporation to create the DCIC.
It also included an amendment by Ald. Jeff Justin, 6th Ward, to have two of the public members appointed by the DCIC instead of the mayor and council, one each after 60 percent and 80 percent of the debt is retired on the estimated $48 million in bonds the city will use to finance the project.
"The reason to do that is to provide more oversight and less control from the city's perspective as our risk is retired," Ald. Justin said. "As we pay our debt down, we'll give a little bit more control back to the board (DCIC) itself."
Ald. Bill Boom, 3rd Ward, said the amendment was suggested by Iowa Racing and Gaming Commission members "in the interest of making sure there's separation between the operation of the casino and the city of Davenport.
Today is Monday, Sept. 22, the 265th day of 2014. There are 100 days left in the year.
1864 -- 150 years ago: The board of education has granted Thursday as a holiday for the children, with the expectation that parents who desire to have their children attend the Scott County Fair will do so on that day and save irregularity the rest of the week. 1889 -- 125 years ago: The guard fence around the new cement walk at the Harper House has been removed. The blocks are diamond shape, alternating in black and white. 1914 -- 100 years ago: The Rev. R.B. Williams, former pastor of the First Methodist Church, Rock Island, was named superintendent of the Rock Island District. 1939 -- 75 years ago: Abnormally high temperatures and lack of rainfall in Illinois during the past week have speeded maturing of corn and soybean crops. 1964 -- 50 years ago: Installation of a new television system in St. Anthony's Hospital, which includes a closed circuit channel as well as the three regular Quad-Cities channels, has been completed and now is in operation. 1989 -- 25 years ago: When the new Moline High School was built in 1958, along with it were plans to construct a football field in the bowl near 34th Street on the campus. Wednesday afternoon, more than 30 years later, the Moline Board of Education Athletic Board sent the ball rolling toward the possible construction of that field by asking superintendent Richard Hennigan to take to the board of education a proposal to hire a consultant.