Portland Reviews Moda Center Renovation Terms for 20-Year Blazers Stay as $365 Million Deadline Looms
Updated
Updated · Fox 12 Oregon · Jul 16
Portland Reviews Moda Center Renovation Terms for 20-Year Blazers Stay as $365 Million Deadline Looms
3 articles · Updated · Fox 12 Oregon · Jul 16
Summary
Portland city leaders reviewed a first draft term sheet for a Moda Center overhaul that would bind the Trail Blazers to play home games there for 20 years.
Key draft terms include caps on public funding, limits on eligible expenses, cost-overrun safeguards and a $3 million annual property-tax offset payment from Rip City Management that would rise over time.
The city said the proposal also requires labor peace agreements and community benefits such as event access, local hiring, sustainability standards and partnerships with Albina-based organizations.
A coalition of restaurants, businesses and community groups launched a public campaign backing the project, warning Portland must finalize a deal by Dec. 17 or $365 million in state funding could expire.
The draft has been sent to the Trail Blazers for negotiation, with Portland aiming to refine the agreement before an expected City Council vote in August.