The Multnomah County Board of Commissioners voted Thursday to approve a term sheet resolution contributing $101 million to the proposed renovation of the Moda Center, the home arena of the Portland Trail Blazers.
The resolution passed in a 4-1 vote at Thursday’s special meeting, although County commissioners didn’t fully resolve how they would piece together the contribution, according to reporting from The Oregonian’s Alissa Gary and other outlets.
“I want this step today to be seen by the NBA and
the board of governors as a sign of just how serious we are about keeping the Blazers here in Portland,” Chair Jessica Vega Pederson said before the vote.
The County’s contribution will go toward the approximately $600 million the Trail Blazers are seeking in public funding to update the facility. The State of Oregon has already approved $365 million, but that plan is contingent on Multnomah County and the City of Portland agreeing to fund their share. With the County voting to contribute its funding, now the project awaits a $120 million contribution from the City. The City Council is slated to vote on Aug. 12 on its own term sheet for the project and whether it will approve its portion of the funding.
The County Board of Commissioners’ vote on Thursday and the City Council’s vote next week do not finalize funding. They serve as a starting point for formal negotiations between the County, City and Trail Blazers ahead of a December vote on the Moda Center renovation project.
