City of Portland negotiators overseeing the Moda Center deal with the Portland Trail Blazers on Tuesday afternoon offered their recommended starting term sheet to the Portland City Council.
In exchange for $120 million in funding from the city for an arena renovation, city negotiators have agreed that the council should ask for $2 million in annual rent from the Trail Blazers for the use of Moda Center, among other smaller provisions, including the city retaining development rights for the arena and adjacent city-owned land.
The Portland City Council is set to vote on the term sheet on Wednesday. The term sheet is nonbinding, and negotiators have emphasized that it is just a starting point for the city to get its foot in the door with the Blazers to begin negotiations—not the city’s final offer. The city must approve a new long-term lease with the Blazers by Dec. 31, 2026, which means if the City Council passes a term sheet tomorrow, the city will have four months to negotiate with the team…