University of Iowa Credit Union plans to build a branch location along 53rd Avenue, Bettendorf, just west of the new McDonald's restaurant.

The credit union received approval for rezoning the land from agriculture to C-5 (office/transitional) zoning from the city's planning and zoning commission last month and the company is expected to get city council approval at its Tuesday (12/16) meeting.

Lee Enterprises – owner of the Quad City Times and 45 other daily newspapers – posted a $3.2-million profit in its fourth quarter ended Sept. 28, and finished its fiscal year in the black for the first time since 2010.

The Davenport-based company posted a $7.7 million profit – 6 cents per share – for the 2014 fiscal year. That compares with a loss of $1.71 per share for fiscal 2013 when the firm recorded a $171-million impairment charge. For fiscal 2012, the company reported a loss of 6 cents per share.

Lee Chairman and Chief Executive Officer Mary Junck noted the company reduced its debt by $10.3 million during the fourth quarter. As of Sept. 28, Lee's debt was $804.7 million, down nearly $43 million from a year ago.

Bettendorf aldermen will begin discussing next year's capital spending plan later this month after closing the books on the past fiscal year with a mountain of debt – $132.2 million to be precise.

It is hard to know where the city will find sufficient funds to pay for a plate full of projects discussed in recent months: rebuilding sections of Middle Road; combining or renovating community recreational facilities; enhancements to the new Forest Grove Park; redevelopment projects in downtown and along the riverfront; extension of sewer and water lines north of I-80; and development of a I-80/Middle Road sports complex.

The $132-million debt is nearly 85 percent of the legal limit set by the state (as of June 30), and substantially above the 73 percent level city officials projected the debt margin would fall to in 2012. Not incidentally, that projection was made during the last mayoral election year when the debt – $111 million at the time – became the focus of political debate.

Riverdale's first Tax Increment Financing (TIF) district – aimed at diverting future property taxes that its largest taxpayer ALCOA would normally pay to Pleasant Valley schools and county government – will be set up before the end of the year to help fund municipal improvements of the 400-resident village.

Riverdale officials have asked the Scott County Auditor to establish a TIF district that will generate $16,700 in "incremental" taxes from the recently established Urban Renewal Area along State Street, which includes the sprawling ALCOA aluminum rolling mill with an assessed value of more than $40 million.

Based on the current tax levy rates, the new TIF will mean Riverdale will receive approximately $7,100 which would otherwise go to the Pleasant Valley School District and about $3,000 which would have been paid Scott County. Riverdale's portion, based on its own tax levy, would be approximately $6,000. Incremental property taxes due the Mississippi Bend Area Education Agency and assessor's office also would be paid to the village.

Isle of Capri Casinos, Inc. today (12/2) reported a $1 million loss for its second quarter as much higher interest costs on its debt offset a 3 percent increase in net revenues for the period.

For the three months ended October 26, the Isle – owner of three gambling operations in Iowa including the Bettendorf Isle of Capri – reported a loss of 3 cents per share, compared with a gain of 20 cents per share for the same period a year ago.