Tom Dundon’s wish has been granted.
On Wednesday, the Portland City Council approved $120 million in city funding toward a potential $600 million renovation of the Moda Center, which houses the Trail Blazers. Combined with the $101 million approved by Multnomah County last week and $365 million from the state, the renovations now have about $586 million pledged to improve the 30-year-old arena.
Dundon, who bought the team in March and has since led numerous cost-cutting efforts, could have a newly renovated arena without paying a dime for it.
Now come the lease negotiations.
The term sheet, which was approved in an 8–4 vote, pledges the $120 million plus $275 million for maintenance to the arena for the next 20 years. It also seeks more than $6 million in annual payments from the team, including a 3-5% yearly increase from Rip City Management, the team’s umbrella company, over the course of the lease.
