Portland unveils $573 million public funding plan for Moda Center renovation
Portland city officials released a draft term sheet that proposes $573 million in public funding for a renovation of the Moda Center. The proposal, part of a 20-year lease agreement with the Trail Blazers, also includes a $3 million annual payment in lieu of taxes and guarantees that the team will not relocate. The plan follows a state-commissioned study that found most NBA arena projects rely on private investment, a finding that sparked debate over the public subsidy for the Moda Center.
NBA commissioner Adam Silver had earlier said talks on the arena upgrades and the Blazers’ future in Portland had fallen behind schedule as the city prepared to vote on a public subsidy. Portland leaders had previously submitted an initial term sheet outlining financial commitments, but the city administrator later reported that the Trail Blazers had not supplied requested data, delaying the negotiations. The draft term sheet, released after those negotiations, details cost sharing among the city, Multnomah County and the state of Oregon.
