An appraiser hired by the city of Bettendorf pegs the value of the Isle of Capri Casino and its two hotels at $55.15 million. The Isle contends the property is worth just $44 million.
Unfortunately for the city, both estimates are far below the current assessed value – $85 million – agreed to by the Isle under terms of the casino/city development agreement signed when the QC Waterfront Convention Center was built.
Once the Isle paid off the Tax Increment Financing (TIF) bonds for the events center – which it did this past spring – all "bets" were off and the casino was no longer bound by that minimum assessment agreement.
The Isle wasted little time in asking the Scott County Assessor to lower the property value by $41 million, but that request was turned down by the county's Board of Review June 18.
Less than two weeks later, Isle attorneys, Lane & Waterman of Davenport, appealed the board finding, asking the Scott County District Court to lower the property's assessed value to $44 million. No court date has yet been scheduled on the lawsuit.
Meanwhile, the St. Louis-based casino firm has begun construction of a new land-based casino. City officials say construction permits for the 82,000-square-foot facility are approximately $30 million, while Isle officials say the total investment for the new land-based casino and renovations to its hotels will be $60 million.
The new casino is expected to be completed early next year.
