Oregon Gov. Tina Kotek on Monday signed Senate Bill 1501, which “establishes joint ownership of Moda Center between the city and the state and allows the state to contribute” $365M toward renovations through taxpayer-backed bonds. The bill was seen as a “cornerstone of the efforts to renovate Moda Center and ensure the long-term viability of the Trail Blazers in Portland.” The bonds will be sold “only if the Trail Blazers agree to a new long-term lease at the arena.” The current proposal calls for the renovations to be “fully funded with public dollars.” Portland Mayor Keith Wilson has pledged $120M up front with $14M in “annual operating costs over a 20-year lease.” Kotek said that she expects the Portland City Council to “lock in its contribution to the expansive funding package for Moda Center renovations within the next six weeks.” Multnomah County Chair Jessica Vega Pederson earlier this year said that the county was “prepared to allocate” $88M to the project. Trail Blazers President Dewayne Hankins has said that the team is “targeting renovations over three summers from 2027-29” (Portland OREGONIAN, 4/27).
Oregon Gov. signs bill setting contribution toward Moda Center renovations
