The city of Davenport is one step closer to seeing the dream of a land-based casino become reality.
With an approval by the finance committee, a development deal for the project goes to the full council next week. The agreement, negotiated with developer Dan Kehl, calls for the construction of a $100 million dollar casino and hotel complex, along with a hotel, spa and fitness center and restaurants.
The agreement also calls for the casino to pay full property taxes to the city, Davenport School District, and Scott County. All of that is something most on the council call a win-win, and the developer agrees.
"This is one of the smoothest and quickest negotiations of this type of agreement we have run across," said Ken Bonnet of Riverside and Grand Falls Casinos. "I guess to some degree it's because we've both been to this dance several times before and it went really smoothly, so we're pleased."
He says the company is also negotiating with the Riverboat Development Authority. A third part of the equation is the city and the Isle of Capri coming to terms on a development agreement from back in 2004 that went nowhere.
Once those elements are handled, the developer hopes to start construction in the spring with the casino open in three years and everything else in five.
The full city council will consider the development agreement at next Wednesday's meeting.