Portland City Council to examine 20-year pact aimed at securing Trail Blazers’ future
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PORTLAND, Ore. — The Portland City Council will publicly review a draft agreement on Thursday that would tie a planned Moda Center renovation to a 20-year commitment keeping the NBA’s Trail Blazers in the city through at least 2047.
The proposal requires the team to make annual payments in lieu of taxes starting at $3 million, rising 5 percent each year for the life of the deal. Should the franchise relocate before the agreement expires, it would have to repay a portion of the public investment based on the remaining term.
Representatives from the Trail Blazers are expected to appear at the session to answer questions from council members. The draft also mandates community benefits, sustainability measures, and a pledge to stage at least 10 rent-free community events at Moda Center each year.
Negotiations have been contentious. A team official recently branded the city’s offer a “non-starter,” and team spokesman Charles Boyle told The Oregonian that the threat of litigation over arena maintenance must be removed for talks to advance. “We need the city to take the prospect of litigation off the table,” Boyle said.
The modernization project received a boost earlier this year when Oregon allocated $365 million toward the work, contingent on additional contributions from the city and Multnomah County.
The council plans to hear public testimony next week, with a final vote scheduled for Aug. 12.
Source: Hoops Wire
