The future of the Portland Trail Blazers’ home, the Moda Center, is currently at a legislative crossroads as Oregon lawmakers consider a massive $600 million renovation plan to keep the team in Portland long-term.
The 2030 Deadline and the “Bridge” Lease
The Trail Blazers are currently operating under a “bridge” lease agreement that solidified their commitment to the Moda Center until October 11, 2030. This agreement, finalized in 2024, included several major shifts:
Ownership Transfer: The City of Portland took ownership of the arena from Rip City Management for $1.
Extension Option: The team holds a five-year extension option that could keep them in the building until 2035.
The 50-Year Lifespan: Team officials have noted that while the 30-year-old building is the oldest unrenovated arena in the NBA, a major renovation could extend its functional life by another 20 years, matching a typical 50-year stadium lifespan.
Oregon Senate Bill 1501: A New Funding Model
Introduced in early 2026, Senate Bill 1501 (SB 1501) serves as the legislative framework for a massive public-private partnership to modernize the arena. Key components of the bill include:
The Oregon Arena Fund: The bill creates a dedicated Oregon Arena Fund to receive tax revenues generated directly from work and events at the Moda Center.
Revenue Sources: Funding would come from income taxes paid by athletes and performers (“jock taxes”) and taxes from construction related to the renovation, rather than general fund appropriations.
State-City Partnership: It authorizes the state to pursue shared ownership with the City of Portland, potentially using state general obligation bonds to finance up to $360 million of the project.
The Lease Contingency: Crucially, no state funds can be used unless the Trail Blazers sign a new, long-term, binding lease.
Strategic Importance and Local Impact
Supporters, including Governor Tina Kotek, argue that the investment is vital for Oregon’s economic future, noting the arena generates roughly $670 million in annual economic activity and supports 4,500 jobs.
Beyond the Trail Blazers, the renovations are seen as essential for:
Major Events: Ensuring Portland can host the 2030 NCAA Women’s Final Four and attract national concert tours.
New Franchises: Supporting the launch of a new WNBA team scheduled to begin play at the Moda Center in 2026.
Ownership Stability: Addressing concerns following the 2025 purchase of the team by a group led by Tom Dundon for $4.25 billion, amid fears of potential relocation if the facility is not upgraded.
Critics of the bill argue that wealthy owners should fund renovations themselves rather than relying on redirected tax dollars that could otherwise support the state’s general fund. The bill remains under discussion in the legislature, with further work sessions scheduled for mid-February 2026.