Portland Unveils $573 Million Moda Center Draft Deal, Seeking $3 Million Annual Blazers Payment
Updated
Updated · KATU · Jul 18
Portland Unveils $573 Million Moda Center Draft Deal, Seeking $3 Million Annual Blazers Payment
3 articles · Updated · KATU · Jul 18
Summary
$573 million in public funding is laid out in Portland’s newly released draft term sheet for renovating the Moda Center, the first formalized offer local and state governments have sent the Trail Blazers.
The 14-page draft asks the team for a 20-year non-relocation commitment and a $3 million annual payment in lieu of taxes, rising 5% a year and totaling about $100 million over the lease.
$275 million of the city’s share would be spread over 20 years for capital expenses, funded by arena user fees, Veterans Memorial Coliseum profit, and Rose Quarter and tourism support revenue; the county would add $13.6 million for operations.
The proposal also requires Rip City Management to handle year-round arena operations, seeks prevailing-wage and labor-peace commitments, and reserves at least 10 rent-free community events with affordable concessions.
An August 12 vote is scheduled to finalize a negotiating term sheet, but the released draft lacks a project budget and drew criticism from Councilor Mitch Green, who said council had not approved it.