The Portland City Council approved $120 million for renovations to the Moda Center, crucial for retaining the Trail Blazers long-term, with an 8-4 vote on a non-binding term sheet. This funding triggers a 4.5-month negotiation for a new lease, as the team seeks to renegotiate terms, including a $3.1 million annual rent and removal of a clause on arena maintenance. Over $573 million has been approved by various government entities for the upgrades, with final lease discussions set for December 17. The current lease lasts until October 11, 2030, highlighting the urgency of reaching an agreement.
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Portland Allocates $120M for Moda Center Renovation
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