Portland Trail Blazers fans should be pleased to hear about City Council’s meeting in regards to renovating the Moda Center.
Portland City Council approved a term sheet by an 8-4 vote that will dedicate up to $120 million towards the arena renovation plan. With the county approving its term sheet last week and the Oregon state legislature pledging $365 million contingent on the city and county’s proposals, it is now up to new owner Tom Dundon and the Blazers to agree to their end of the bargain with the respective term sheets.
Blazers Can Cross Finish Line — If Tom Dundon Approves
Tom Dundon is introduced during the first half during a game between the Portland Trail Blazers and the New Orleans Pelicans. | IMAGN IMAGES via Reuters Connect
The Blazers have part of the bargain to uphold in this respective term sheet. With the city, they must pay $3.1 million in rent each year, as well as an additional $3 million for property taxes. If there are any renovations that need to be made that exceed the $600 million they are getting from the state, county, and city, the Blazers will have to foot the bill. They must also agree to not relocate the franchise during the 20-year lease.
Dundon has specifically stated that he is not looking to pay a penny for the arena’s renovation. Based on these term sheets, he may have to agree to make some payments if the renovations exceed the $600 million that’s being proposed. That’s a lot of money for an arena renovation, but Dundon has to be happy with the terms the city and county have proposed in order to proceed.
At this point in time, the Blazers are being met with a community that is doing everything in their power to keep the franchise in Portland. If Dundon isn’t agreeing to the terms, NBA Commissioner Adam Silver will likely step in to try and get the two sides closer to an agreement.
The NBA has stated how much it wants to stay in Portland after being there for 56 years, and there is no desire to relocate. The city and the county are showing enthusiasm towards getting this renovation complete, which helps the Blazers’ case to stick around in Portland. However, things can get messy if Dundon doesn’t agree.
Negotiations are expected to take place between now and the next four months ahead of a vote on Dec. 17. If there is an agreement in the 2026 calendar year, that’s when the state will agree to pay the remainder of the renovation funds to get the process started.
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