Portland is approaching its biggest Moda Center vote yet.

And even if it passes … the Trail Blazers‘ arena saga will be nowhere close to finished.

Portland City Council is scheduled to vote Wednesday on a non-binding term sheet that would establish the city’s framework for negotiations with the Blazers over a major renovation and new long-term lease at Moda Center.

The vote represents the final major government step before those negotiations can begin in earnest, according to OPB.

But there are still some pretty significant questions to answer.

Portland’s current proposal includes a $120 million upfront contribution toward the arena renovation and up to $275 million in ongoing capital support over a new 20-year lease.

In exchange, the proposed term sheet seeks several commitments from the Blazers, including an annual $3 million payment, labor protections and other community benefits.

The problem?

Portland still hasn’t completely determined how it would produce its $120 million contribution.

Mayor Keith Wilson has discussed using revenue generated by the Blazers’ sale, along with potential funding from the Portland Clean Energy Fund and Prosper Portland. But OPB reports that the boards governing those latter funding sources would first need to determine whether their money can legally be used for the arena project.

And that’s not the only unresolved issue.

The Blazers have yet to provide Portland with detailed renovation plans, telling OPB last month that they want the city to commit its funding and resolve a potential legal dispute before doing so.

That dispute centers around language in the current short-term lease requiring Moda Center to be maintained as a “first-class” NBA arena.

Councilor Steve Novick previously questioned whether the franchise was meeting that standard and whether Portland could pursue legal action as a result. Blazers chief legal officer Zandria Conyers has since argued that the possibility of litigation has complicated negotiations, while Mayor Wilson has publicly said the city doesn’t intend to sue the franchise.

So … Wednesday’s vote won’t resolve everything.

It may not even resolve the term sheet itself.

City Council rejected all 19 proposed amendments last week, but councilors are permitted to introduce additional changes Wednesday. Council President Jamie Dunphy has suggested he could revisit some ideas that previously received six votes, including proposals seeking additional financial commitments from the Blazers.

Portland is also expected to incorporate Multnomah County’s recently approved framework into its proposal.

County commissioners voted 4-1 last week to establish conditions for a contribution of up to $101.6 million, joining the $365 million in bonding previously authorized by Oregon lawmakers. The county resolution requires at least a 20-year commitment from the Blazers and seeks additional financial, labor and community protections.

Add Portland’s proposed contribution, and the major pieces of the public funding framework are beginning to take shape.

The actual deal isn’t.

If City Council approves the term sheet Wednesday, OPB reports that roughly four months of negotiations between Portland, Multnomah County, the state and Blazers are expected to follow, with a proposed final agreement potentially returning for votes in December.

There’s also a reason officials don’t want that timeline slipping.

The state intends to sell its bonds in spring 2027, with renovation work targeted around hosting the 2030 NCAA Women’s Final Four. Portland officials have warned that significant delays could eventually require lawmakers to reauthorize the state’s bonding authority.

So Wednesday represents an important moment in Portland’s months-long attempt to secure Moda Center’s future.

Just don’t mistake it for the finish line.

If the term sheet passes, Portland and the Blazers will finally have the framework necessary to seriously negotiate what a long-term partnership could look like.

Then they have to actually agree on one.