Portland Trail Blazers fans should be pleased to hear about City Council’s meeting in regards to renovating the Moda Center.
Portland City Council approved a term sheet by an 8-4 vote that will dedicate up to $120 million towards the arena renovation plan. With the county approving its term sheet last week and the Oregon state legislature pledging $365 million contingent on the city and county’s proposals, it is now up to new owner Tom Dundon and the Blazers to agree to their end of the bargain with the respective term sheets.
Blazers Can Cross Finish Line — If Tom Dundon Approves
The Blazers have part of the bargain to uphold in this respective term sheet. With the city, they must pay $3.1 million in rent each year, as well as an additional $3 million for property taxes. If there are any renovations that need to be made that exceed the $600 million they are getting from the state, county, and city, the Blazers will have to foot the bill. They must also agree to not relocate the franchise during the 20-year lease.
Dundon has specifically stated that he is not looking to pay a penny for the arena’s renovation. Based on these term sheets, he may have to agree to make some payments if the renovations exceed the $600 million that’s being proposed. That’s a lot of money for an arena renovation, but Dundon has to be happy with the terms the city and county have proposed in order to proceed…