PORTLAND Ore. (KPTV) – The city of Portland has released a revised term sheet on Tuesday for its negotiations with the Trail Blazers over their future in the city and Moda Center renovations.
A key part under the new proposal is that Rip City Management, the Blazers’ sister company, would be required to pay $2 million per year in rent as the main tenant of the arena.
That last-minute addition is on top of the annual $3 million property tax offset payment.
The money would be used to help the city pay for its portion of the nearly $600 million arena makeover.
Earlier on Tuesday, Central City Roundtable signed a letter urging Portland City Council to support Moda Center renovations.
The roundtable is a cross-sector leadership group focused on Portland’s economy, culture and long-term regional competitiveness.
In the letter, the roundtable said “A modern, competitive arena signals that Portland remains a destination for major events, touring artists and regional investment — not a city that gets passed over.”
City council is expected to vote on the term sheet for renovations and the blazers future in the city on Wendesday
City council president Jamie Dunphy sent FOX 12 a statement about the new proposal on Tuesday:
“I am proud to co-sponsor a package of amendments to our proposed terms, alongside our full District 2 delegation and crafted with our negotiating team. In addition to listening to a wide swath of council on how to improve the term sheet in a variety of ways, we are excited that this amendment proposes a dedicated revenue stream that does not go directly into the building but into the services everyday Portlanders depend on.”
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