Portland City Council Votes to Add $120 Million Toward Moda Center Renovations
The team now has $586 million toward renovations approved.
On Wednesday, the Portland City Council voted to allocate $120 million in city funding towards a potential $600 million renovation of the Moda Center, home of the Trail Blazers. This brings the total amount pledged for the renovations to approximately $586 million, which includes $101 million from Multnomah County and $365 million from the state.
Blazers owner Tom Dundon, who took over the team in March and initiated cost-cutting measures, may be able to secure a renovated arena without any financial investment of his own. The council approved the term sheet, which includes $275 million for maintenance over the next 20 years, as well as annual payments of more than $6 million from the team, with a yearly increase of 3-5% from Rip City Management.
Trail Blazers President Dewayne Hankins acknowledged the progress but emphasized the need for further negotiations to reach a deal that benefits the team, the city's economy, and ensures the team remains in Portland for years to come. The council also seeks the team to partner with local organizations, contribute an additional $3.2 million annually in rent, and agree to a labor harmony agreement that would create unionized jobs at the Moda Center and replace property taxes with a $3 million annual payment.
Despite the vote, some councilors remain critical of the deal, with Councilor Angelita Morillo stating that it is the "worst deal in the country." The two sides have until the end of the year to agree on a new long-term lease agreement for the city to approve the bond sale for the financial contribution.
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