Portland approves $120 million for Moda Center renovation

The Portland City Council has approved $120 million for the renovation of the Moda Center, home of the Portland Trail Blazers. When combined with state and county funds, the total renovation package reaches $586 million. However, the release of these funds is contingent upon the team signing a new lease agreement that ensures the franchise remains in Portland until 2050.

Negotiations between the city and team owner Tom Dundon are ongoing, with a critical deadline set for the end of the year. If an agreement is not reached, $365 million in state funding could be lost. Key points of contention include a proposed $3 million annual rent, a 6% tax on ticket and parking sales, and city requirements for the use of unionized labor for construction and operations. While the city has approved a set of terms, Dundon has publicly rejected them, citing the need to reduce operational costs for the organization.