On Wednesday, October 24th, Davenport City Council voted 9-1 to direct Mayor Bill Gluba to sign a “term sheet” that outlines the details of the city’s proposed buyout plan of Rhythm City Casino.
The vote comes after a week full of ward meetings, a citywide public forum, questions, concerns, and input from Quad City residents.
Despite opposition though, Mayor Gluba still says this proposed plan could be a “game changer.”
“This brings us one step closer,” says Mayor Gluba. “It will maybe give us the authority, ability to control our own destiny.”
The city is looking into buying Rhythm City Casino for $46 million with city-issued bonds and then building its own land-based casino in a location yet to be determined.
“I think the aldermen are trying and have made a decision that they hope and plan will be in the best financial interest of the people,” says Mayor Gluba.
The “term sheet” is not a done deal and does not commit the city to the purchase of Rhythm City Casino. It simply outlines the terms for a potential transaction. One of the benefits of signing a “term sheet” is now the city can talk openly about the plan with their lawyers, the Riverboat Development Authority – which they meet with on Thursday afternoon – and the Iowa Racing and Gaming Commission, who still needs to approve the idea.