The Portland City Council voted 8-4 to approve a $120 million renovation term sheet for the Moda Center, home of the Portland Trail Blazers. This vote marks the first step towards a deal that could keep the Trail Blazers in Portland for at least another 20 years.

Renovation Plans

The proposed city contribution is part of a nearly $600 million public funding package that also includes $365 million from the state and up to $101.6 million from Multnomah County. The county approved its contribution last week after a contentious six-hour meeting.

The amended term sheet includes a new provision requiring Rip City Management, the Blazers’ affiliated company that operates the Moda Center, to pay the city $3.17 million in annual rent, with 3% increases tied to inflation. The rent would be in addition to a proposed $3 million annual payment, with annual 5% increases, to offset property taxes.

Community Benefits

The approved term sheet also includes a commitment that the Blazers will play all home games at the Moda Center, limits on how much public money can be spent, and a series of community benefits, including a labor peace agreement.

Council President Jamie Dunphy said the next three months will be challenging but expressed optimism about the negotiations. Speaking to KGW after the meeting, he said the term sheet is reasonable and puts the city in a strong negotiating position with the Blazers.

Original reporting: KTVZ (Central Oregon) — read the source article.