City shares copy of draft terms sent to Blazers detailing $573M public investment in Moda

Key Points:

• The city of Portland has publicly released a draft term sheet sent to the Trail Blazers outlining a $573 million funding contribution from the city, county, and state for Moda Center renovations and operations.
• The document requests the Blazers commit to paying $3 million annually in lieu of taxes, increasing 5% each year, potentially totaling about $100 million over the lease term, split among local entities.
• The term sheet includes operational requirements for Rip City Management to handle year-round arena management and maintenance, adherence to NBA standards, and a labor-peace agreement with prevailing wage and local hiring preferences.
• It mandates community access to the Moda Center with at least 10 rent-free community events annually and affordable concessions but notably lacks a detailed renovation budget, which is to be added later.
• The draft term sheet has sparked criticism from some city councilors for being released prematurely without full council approval, with a final vote on the term sheet scheduled for August 12.