Portland Council Approves Offer Sheet for $120M Moda Center Renovation

Overview

• The City Council voted 8-4 on Wednesday, Aug. 12 to approve a nonbinding offer sheet that sets the city’s up-to-$120 million pledge and moves negotiators to a private bargaining table.
• The offer sheet pairs the city pledge with a $275 million capital plan to be funded by parking and user fees and depends on $365 million in state bonds and county participation.
• Under the terms the Blazers would pay roughly $3.1 million a year in rent plus about $3.0 million annually as a property-tax offset, accept labor and community-benefit requirements, and agree not to relocate for the contract term.
• The document makes the team responsible for renovation cost overruns, but the Blazers have publicly balked at parts of the proposal and must sign on before any public funds are allocated.
• If the parties do not reach agreement before the state’s year-end bonding window the project’s financing could fail, putting jobs, planned upgrades and the arena’s role hosting events such as the 2030 NCAA Women’s Final Four at risk.