Moda Center/Rose Quarter News

[maccoinnich]

5 things to know before Wednesday’s vote on Moda Center negotiations
Portland City Council’s approval of a term sheet is the last step in a key phase of a much longer-term effort to keep the Trail Blazers in town.



After months of back-and-forth, the ball’s in Portland’s court to start negotiations with the Trail Blazers over a long-term lease deal.

On Wednesday, city councilors are scheduled to cast their final vote on a term sheet laying out the city’s desired framework for negotiations with the Blazers. That document currently pledges a $120 million up-front commitment to pay for renovations to the Moda Center, the city-owned NBA arena, and $275 million for ongoing maintenance over a 20-year lease. It also asks for a few things from the Blazers in return for the public investment, like an annual $3 million payment, agreement to recognize unionized Moda workers, and other community benefits.

Councilors heard public feedback last week on the plan, and considered many proposed changes to the term sheet at an Aug. 6 meeting — all of which failed to pass. Half of the city council remains unimpressed with the current framework. And all seem frustrated with the way Blazers owner Tom Dundon has approached negotiations.

Council President Jamie Dunphy has blocked off all of Wednesday for councilors to focus on the final term sheet vote, a sign that the meeting might not go swiftly — or smoothly.

Here’s what you need to know ahead of the meeting.

...continues at OPB.

[maccoinnich]

Portland councilors back $120M for Moda Center, in key milestone toward Blazers deal



The Portland City Council on Wednesday affirmed the city’s financial commitment toward a potential $600 million Moda Center renovation sought by the Trail Blazers, and set out provisions Portland will seek in negotiations for a new long-term lease with the team.

The final term sheet, approved in an 8-4 vote, pledges up to $120 million from Portland toward the arena’s makeover as well as an additional $275 million in maintenance for the city-owned building over the next two decades.

In return for the taxpayer-funded investment, which includes significant contributions from the state and Multnomah County, the city will seek numerous concessions from the Blazers and its new ownership group led by Texas billionaire Tom Dundon.

Those include more than $6 million in annual payments — plus yearly increases of between 3% and 5% — from the team’s sibling organization, Rip City Management, during the course of a 20-year lease. The city also wants the Blazers to agree to a “labor harmony agreement” that could lead to unionized jobs at the arena, as well as limits on eligible expenses for the project.

...continues at the Oregonian.