As County Passes Funding for Moda Center Renovation, City Tussles Over Term Sheet

Key Points:

• The Portland City Council moved toward approving a nonbinding term sheet for a $120 million contribution to renovate the Moda Center, securing a lease to keep the Trail Blazers in Portland for at least 20 years, with a final vote scheduled for August 12.
• The term sheet is part of a larger $600 million funding package, with Multnomah County approving $101 million and the state committing $365 million, leaving the city council as the last holdout.
• Despite dissatisfaction from Blazers owner Tom Dundon, who demands compensation for high local income taxes and more favorable lease terms, city negotiators and moderate councilors defended the term sheet as a necessary starting point for negotiations.
• Progressive councilors criticized moderate members for rejecting amendments aimed at altering the term sheet, accusing them of refusing to engage and neglecting their responsibilities.
• The city has until the end of the year to ratify a new lease with the Trail Blazers, with ongoing negotiations expected to return to council for further approval later this year.