Portland offers terms to keep the Blazers at Moda Center
Published 5:56 pm Friday, July 17, 2026
The state of Oregon and the city of Portland’s ongoing standoff with the Portland Trail Blazers over $600 million in renovations to the Moda Center took a new turn Thursday.
The Portland City Council delivered the first draft of its terms sheet for renovations July 17, the same day local businesses and community organizations launched “We Are Rip City,” a coalition aimed at urging the city to commit to over $200 million in taxpayer dollars to renovating the 31-year-old arena.
The ongoing debate regarding the arena’s funding comes after the Blazers were sold by former owner Paul Allen’s estate to Texas billionaire Tom Dundon in March for roughly $4.25 billion. Dundon’s purchase of the Blazers, along with the team’s lease at Moda Center expiring in 2030, has led to fears of the franchise relocating if renovations aren’t agreed upon. Dundon stated in June that he wouldn’t contribute funds to the project.
Portland’s terms sheet, which is expected to be finalized and voted on next month, requires the Blazers to commit to a 20-year lease at Moda Center and play all of the team’s home game at the arena.
It also includes an annual $3 million property tax payment by Blazers ownership, labor-peace agreements to “support a stable workforce” for renovations, as well as “clear caps on public funding” and “safeguards for the city, state and county against cost overruns.”
“The city has produced a term sheet that is reasonable, fair, and focused on keeping the Trail Blazers in Portland,” the city council said in a statement. “The draft outlines a framework for a modernized, publicly owned Moda Center that supports economic vitality and strengthens the partnership between the team and the community.”
Portland City Council is scheduled to vote on a revised terms sheet Aug. 12, which would begin a new round of lease negotiations and determine the city’s financial contribution to renovations.
The “We Are Rip City” coalition launched Thursday, alongside Portland City Council’s announcement of delivering the term sheet. With the state of Oregon offering $365 million for Moda Center renovations, the group is aiming to convince the city of Portland and Multnomah County to cover the remainder of the arena’s renovations — roughly $235 million.
Portland Mayor Keith Wilson said in April that the city was prepared to pay $120 million towards renovations.
“Portland and Multnomah County can pay for the rest with existing funds — no new taxes, no tax increases,” the “We Are Rip City” website states. “This is a once‑in‑a‑generation chance to keep our teams, bring back major concerts, strengthen local businesses, and finally invest in the Rose Quarter and Lower Albina.”
We Are Rip City’s website invites supporters to sign a petition as part of an email campaign.
The coalition is led by Sport Oregon CEO Jim Etzel and four other co-chairs, and has support from numerous businesses in the Portland area, including the city’s first-year WNBA franchise, the Portland Fire.