Overview
- Senate Bill 1501 would create the Oregon Arena Fund by diverting income taxes from performers and athletes and would grant the state joint ownership of the arena with Portland.
- Public funding would be released only if a men’s professional basketball team signs a legally binding lease for a specified term, which reporting describes as roughly 20 years.
- Top Democratic leaders, including Gov. Tina Kotek and Portland officials, issued a joint statement of support, calling the renovation essential to Oregon’s economy.
- Reporting identifies a working framework of about $360 million in state bonding, roughly $125 million in upfront city funds including $75 million from Portland’s clean energy fund, and about $75 million from Multnomah County.
- Negotiations continue over Multnomah County’s push to count roughly $40 million in sale-related tax revenue, while the team launched NewModaCenter.com to promote the project and share early renderings.