Portland Council Advances $573 Million Moda Center Plan in 8-4 Vote to Keep Blazers 20 Years
Updated
Updated · KATU · Aug 13
Portland Council Advances $573 Million Moda Center Plan in 8-4 Vote to Keep Blazers 20 Years
3 articles · Updated · KATU · Aug 13
Summary
An 8-4 Portland City Council vote approved a term sheet that lets formal negotiations proceed on major Moda Center renovations tied to a 20-year commitment to keep the Trail Blazers in the city.
The city proposal commits up to $120 million for renovations and $275 million for future capital costs, funded by a 6% ticket tax and garage parking revenue.
A late amendment seeks $3.1 million in annual rent from the team, rising with inflation, on top of $3 million a year in lieu of property taxes as councilors split over how much owner Tom Dundon should pay.
Multnomah County has already pledged up to $101 million and the state more than $300 million, bringing public support to $573 million for the initial renovation plus nearly $300 million in ongoing capital expenses.
Mayor Keith Wilson and Council President Jamie Dunphy called the term sheet the city's opening position; a binding funding vote is expected later this year if a long-term deal is reached.