Davenport Creates Casino Non-Profit Organization - News and Weather For The Quad Cities -

Davenport Creates Casino Non-Profit Organization

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The City of Davenport has taken another step towards buying Rhythm City Casino. City leaders are planning on buying the casino for $46-million and building a land based casino. The city is setting up a non-profit organization that will run the casino and we now know more about how the organization will work.

The Davenport Community Improvement Corporation will have 7 board members. 3 members will be from the city, they include one alderman, the police chief and the city administrator.  4 members from the community will also be on the board of directors. Initially, the 4 community members will be appointed by the Mayor and approved by council. They will serve staggered 3 year terms. After the first 3 -years, 2 of the community board members will be appointed by the Riverboat Development Authority.

"The idea is to get people on the board that are good analytical thinkers with good judgment and business acumen, so we have a successful enterprise," says Davenport City Attorney Tom Warner.

Community board members will receive a $1000 monthly stipend. City leaders who serve on the board will not be paid anything extra. The Davenport Community Improvement Corporation will contract with the city to lease the casino's equipment and real estate. The non-profit will also have loan agreements with the city and an agreement with the RDA to operate the casino.