@nickdaschel All these comments and all the varied people reacting to Bill’s column in a similar fashion and you are like, yup nothing to see here. Life long Oregonian here, it feels a lil tone def.
The facts surrounding the Moda Center renovation are being widely misunderstood.
The Moda Center is the oldest NBA arena that has not undergone a major renovation since opening more than 30 years ago.
To keep the arena competitive and up to current NBA standards, significant structural repairs and modernization are needed.
As part of the agreement, the City of Portland acquired ownership of the Moda Center for just $1. The City will also purchase the underlying Kosei Parcel at fair market value so it can own the entire arena.
Under the Arena Operating Lease, every dollar the City of Portland invests in sustaining improvements must be matched dollar-for-dollar by Rip City Management LLC.
In other words, the long-term agreement is structured around a 50/50 funding partnership for arena improvements.
However, Rip City Management has also made clear that its 50% share may come from public funding sources outside the City of Portland, including the State of Oregon and Multnomah County. The Oregon Legislature has already approved up to approximately $365 million in state-backed financing, with additional county participation under consideration.
If those public contributions are applied toward Rip City Management's required share, they would cover a substantial portion—and potentially more than half—of Rip City Management's funding obligation, reducing the amount Rip City Management would otherwise need to contribute directly.
These public dollars are not being paid to the Trail Blazers' owner. They are being invested into a publicly owned arena that the City of Portland will own and lease to the Trail Blazers under a long-term agreement.
The Trail Blazers will pay rent under that lease, and the City will own and control the facility.
Beyond the Blazers' 41 regular-season home games, the City will have roughly 324 other days each year to book concerts, sporting events, conventions, and other entertainment that generate revenue for the publicly owned arena.
The state's financing package is designed so that the bonds are repaid primarily through taxes generated by arena activity and the economic activity associated with the renovation, rather than through the City's general fund.
The larger objective is to secure a long-term commitment from the Trail Blazers while modernizing one of the NBA's oldest arenas.
Losing a major league franchise is difficult to reverse. Oakland serves as a cautionary example, having lost all three of its major professional sports teams over the past several years. Supporters of the agreement argue that investing in the Moda Center helps preserve jobs, tourism, and economic activity while protecting Portland's status as a major league city.
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