[Vorkunov & Quick] The Portland Trail Blazers moved one step closer to receiving public funds they requested to renovate the Moda Center: the Multnomah County Board of Commissioners approved a term sheet that would approve up to $101.6 million to redo arena.
The Portland Trail Blazers moved one step closer to receiving the public funding they have requested to renovate the Moda Center after the Multnomah County Board of Commissioners approved a term sheet that would approve up to $101.6 million to redo the 31-year-old arena.
The board voted 4-1 to approve the funding, which is \(13.6 million more than the original \)88 million proposed in March. The increase budgets for maintenance and service costs, though two commissioners questioned from where and how the funding will come.
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Some Multnomah county commissioners seemed uneasy with releasing so much money for the arena and the team but ultimately did so Thursday.
“I want to make this clear to the NBA,” Meghan Moyer, one of five commissioners, said. “Although I personally would like our contribution to be less, I want to be very clear that I have heard — although I will say indirectly because nobody from the Blazers has ever talked to me — that it is incredibly important to show our intent that they have $88 million from us in the capital stack. How that got to be, I have feelings about, but is not relevant to this conversation. The thing that I believe we are hearing, and I want to make clear to the NBA, is we’ve been asked for that level of contribution as an important symbol of this region’s commitment to the Blazers. This amendment gets us to what has been asked for by Rip City Management, which is the Blazers, and the understanding of the NBA.”