Portland City Council approves term sheet for Moda Center renovation

The Portland City Council voted 8-4 to approve a non-binding term sheet for the renovation of the city-owned Moda Center. This decision initiates a four-and-a-half-month negotiation period with Rip City Management to establish a detailed lease agreement and ensure the Portland Trail Blazers remain in the city.

The proposed framework includes a binding 20-year agreement requiring the team to play all home games at the arena, labor-peace requirements, community benefit commitments, and financial protections for public funds. An amendment included in the vote would require the Trail Blazers to pay approximately $3.1 million in annual rent.

While state, county, and local officials have approved over $573 million for modernization, a final agreement must be reached by December 31 for the team to access $365 million appropriated by the Oregon state legislature. Tensions remain regarding financial contributions, as new team owner Tom Dundon has expressed opposition to the team contributing to renovation funds. The City Council is expected to vote on the lease during its final meeting of the year on December 17.