PORTLAND, Ore. (KOIN) — Portland Mayor Keith Wilson is as eager to get renovations underway for the Moda Center as state leaders are.

On the heels of the proposed Oregon Senate Bill 1501, which could set the stage for how the state and city can partner together to usher in $600 million of upgrades to the facility, Wilson says he backs the plan.

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Built in 1995 and home to the Portland Trail Blazers, the Moda Center is the oldest NBA arena to have never had a major renovation.

“Portland’s a major city and we need to really have a facility that matches that,” Wilson said about the arena located in the Lower Albina neighborhood of inner Northeast Portland.

On Thursday, the Blazers released new renderings of what the upgraded Moda Center might look like, including new entrances, concourses and gathering spaces.

Renderings showcase a potential new look for the Moda Center if SB 1501 passes (Portland Trail Blazers)

Renderings showcase a potential new look for the Moda Center if SB 1501 passes (Portland Trail Blazers)

Renderings showcase a potential new look for the Moda Center if SB 1501 passes (Portland Trail Blazers)

Renderings showcase a potential new look for the Moda Center if SB 1501 passes (Portland Trail Blazers)

Renderings showcase a potential new look for the Moda Center if SB 1501 passes (Portland Trail Blazers)

Renderings showcase a potential new look for the Moda Center if SB 1501 passes (Portland Trail Blazers)

“Any investment is not enough of an investment, so we have to do this to make certain we own our identity and communicate to the broader community and the country that we are open for business and are a sports destination, full stop,” said Cornell Wesley, executive director of Prosper Portland, the city’s economic and urban development agency.

The city has pledged $120 million, with Multnomah County vowing to bring $88 million to the project. City leaders have also proposed using up to $75 million from the Portland Clean Energy Fund for the upgrades. The total still falls short of the $600 millon needed to complete the project.

To close that gap, SB 1501 proposes a framework under which the State of Oregon would co-own the Moda Center, using a 20-year bond to secure the rest of the funding. Reinvesting arena tax revenue would also pay for maintenance.

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Though no public funding plan would guarantee that the Blazers would stay past their current lease, city and state leaders are hoping that they stay in Portland to coincide with the renovations. The team is in the process of selling to a group that also owns the Carolina Hurricanes for more than $4 billion.

“Our funding is contingent that the Blazers and the Moda is activated for 20 years. So I agree we need to lock them in and they want to partner with the city, and the city is going to partner with them,” Wilson said.

SB 1501 would also tax the wages of athletes and performers, with the Senate Rules Committee set to further discuss the legislation Monday morning.

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