The developer of a proposed Davenport casino paid nearly $500,000 in property taxes after landing on Rock Island County’s delinquent list in December.
Rodney Blackwell, president of Financial District Properties, called the failure to pay $499,071.35 an oversight during a busy year in which his company completed and opened the Kone Centre in Moline.
“In any given year, FDP pays in excess of $7.5 million in property, payroll and sales tax,” read a statement from Financial District Properties released Monday. “FDP often escrows real estate taxes for payment at the end of the year in case there is a tax planning need to shift deductions between tax years to offset certain extraordinary income events.
“FDP and its members take pride in being a valued member of the Quad-City community as evidenced by its over $100 million investment in the Quad-City area. FDP is proud of its link to the Quad-Cities and looks forward to growing its investment beyond $300 million in the future.”
Last week, the Davenport City Council voted unanimously to enter into negotiations with Ingenus Management and Consulting, a Minnesota developer, and Financial District Properties for a land-based casino located on near the intersection of Interstates 80 and 280, with a smaller location proposed downtown.
The decision to work with the developer is the latest step in the city’s acquisition of the Rhythm City Casino from the Isle of Capri for at least $46 million.
The delinquent properties owned by Blackwell and Financial District Properties were spread across Rock Island County and included a bank building in downtown Rock Island and the Kone Centre.
The delinquent property tax list was compiled in November and published in early December. They were sold at the county tax sale on Dec. 28, Treasurer Louisa Ewert said. Blackwell’s company paid off the property tax and penalties in the last week of January.
Davenport Mayor Bill Gluba said property tax payments aren’t an issue yet.
“He built a $42 million building in downtown Moline,” Gluba said. “I’ll give him the benefit of the doubt for now.”
The Davenport Community Improvement Corp. will look into the backgrounds of both Ingenus and Financial District Properties as it considers management options for the casino. The nonprofit corporation will oversee casino operations through a lease agreement with the city.