Portland Sends Trail Blazers $120 Million Arena Term Sheet After Moda Center Talks Went Off Track
Updated
Updated · Blazer's Edge · Jul 17
Portland Sends Trail Blazers $120 Million Arena Term Sheet After Moda Center Talks Went Off Track
3 articles · Updated · Blazer's Edge · Jul 17
Summary
$120 million in city funding moved a step closer after Portland sent the Trail Blazers a first term sheet for the Moda Center renovation, laying out conditions for the city's participation.
The proposal demands a binding 20-year non-relocation pledge, labor-peace agreements, caps on public funding and protections against cost overruns after both sides accused each other of stalling.
Portland also wants a $3 million annual property-tax offset payment from Rip City Management, rising over time, plus community access, local hiring, sustainability standards and partnerships with Albina-based groups.
$365 million from Oregon and $100 million from Multnomah County have already been committed, but city participation is required to unlock that broader public package.
Adam Silver said days earlier that negotiations were "off track," a remark that helped push the city to publicly spell out terms while insisting it wants to keep the NBA team in Portland.