By Clay LePard
clepard@cbs4qc.com
On Wednesday, Davenport city leaders will vote on whether or not to purchase the Rhythm City Casino for $46 million.
On Monday, city leaders will host a meeting for residents explaining how they plan to acquire the casino and make it profitable for the city.
"To understand what it is we're attempting to do and how this would fit into the city of Davenport and how it would affect them," says Bill Boom, 3rd Ward Alderman for the city of Davenport. "We think this is the best option for the city and the results of Davenport."
After buying all the casino's assets, city leaders say they plan to build a land based casino. None of the money used for the purchase would come from property taxes.
Instead, the city would pay off bonds as revenue comes in.
"[Residents] hear $46 million and they go 'Wow, that's a lot of money,' but when they start to understand that the gaming boat brings in $10 million/year, I think its an eye opener for them," Boom adds.
There's also several ward meetings taking place Monday as well:
- 6th and 7th Wards meet at 1236 East Rusholme Street at 6 p.m.
- 8th Ward meet at Wood Intermediate School cafeteria, 5701 North Division Street at 7 p.m.
- City-wide meeting takes place at 6:30 p.m. at Adler Theatre.
And on Tuesday:
- 4th Ward meet at 4-H Building at Mississippi Valley Fairgrounds at 6 p.m.
- 5th Ward meet at City Hall council chambers at 6 p.m.
