The Portland City Council has approved $120 million in funding for renovations to the Moda Center, marking a major milestone in the effort to keep the Portland Trail Blazers in the city for the long term.
The non-binding term sheet passed by an 8-4 vote, with an amendment requiring the Trail Blazers to pay approximately $3.1 million per year in rent.
While the vote does not guarantee the team’s future in Portland, it officially launches a 4½-month negotiation period between the city and the franchise to finalize a new lease agreement.
With the latest approval, state, county and local governments have now committed more than $573 million toward the arena renovation project. A final agreement must be completed by December 31 for the team to access an additional $365 million previously approved by the Oregon Legislature, while the City Council is expected to vote on the final lease on December 17.
The Trail Blazers’ current lease at the Moda Center expires in October 2030, but both sides are negotiating a 20-year extension. Team owner Tom Dundon has argued that the franchise should not be required to contribute financially to the renovation, while team president Dewayne Hankins recently described Portland as a challenging business environment for the organization.
Another unresolved issue involves a lease clause requiring the Trail Blazers to maintain the Moda Center to a “first-class” standard. The franchise wants the clause removed, arguing it creates unnecessary legal exposure, but city officials have so far refused to make that change.
Opened in 1995, the Moda Center is currently the only NBA arena that has never undergone a major renovation.
Commenta
Visualizza commenti