Portland is also seeking a new 20-year lease agreement with the team, the current lease expires in 2030.
PORTLAND, Oregon — The city of Portland is considering a public investment package of up to $365 million for renovations and ongoing maintenance at the Moda Center as part of efforts to keep the Portland Trail Blazers in the Rose City, according to a city spokesperson.
The potential package includes $125 million for arena renovations and $12 million per year over 20 years for ongoing facility investments.
City leaders are also evaluating whether $75 million of the investment could come from the Portland Clean Energy Community Benefits Fund, commonly known as PCEF. The fund was approved by 65% of Portland voters in 2018 and is intended to support community-led projects that reduce carbon emissions and improve climate resilience.
According to a city spokesperson, any use of PCEF dollars would require approval by the Portland City Council and would need to align with the fund’s goals and values.
The investment would be contingent on the Trail Blazers signing a new lease agreement with the city to continue playing at the Moda Center. The team’s current lease expires in 2030.
KGW previously reported the franchise is seeking $600 million in public funding to renovate the arena.
Local sports commentator John Canzano said the Trail Blazers’ incoming ownership group, led by Texas businessman Tom Dundon, could consider relocating the franchise if city and state leaders don’t add public investment money to the project.
“This is going to be a very complex high wire act and high winds for city officials and politicians. And you have Tom Dundon down below going hey wait a minute. I didn’t buy this franchise to play in an old building,” Canzano said.
The Trail Blazers organization has also asked state lawmakers to redirect tax dollars paid by players toward Moda Center renovations.