Oregon Senate President Rob Wagner, D-Lake Oswego, introduced legislation Monday for a $600 million package to fund improvements to Moda Center, the home arena of the National Basketball Association's Portland Trail Blazers.
"The Moda Center, with the Portland Trail Blazers as its anchor tenant, is a source of civic pride and is critical to the strength and continued growth of our local, regional, and statewide economies," Wagner said. "Renovating Oregon's Arena is the best investment we can make in Oregon's economic future."
Under SB 1501, the state would become a part-owner of the building in a "joint authority" in exchange for its investment.
The legislation was light on financial details, but sources told
Separately, the NBA is expected to finalize the franchise's $4.25 billion sale to a group led by Texas billionaire Tom Dundon this spring.
Since team owner and billionaire Paul Allen died in 2018, the Trail Blazers have been managed by the Paul Allen Trust, chaired by his sister Jody Allen. The trust also manages the Seattle Seahawks, who defeated the New England Patriots on Sunday in the National Football League's Super Bowl.
The trust stipulated that both teams were to be sold at some point, with the proceeds funding philanthropic endeavors. There has been no word about an imminent sale of the Seahawks, but a potential Trail Blazers sale was
In August an agreement was struck with Dundon, who owns the National Hockey League's Carolina Hurricanes, according to the team's website.
Oregon Gov. Tina Kotek, Housing Majority Leader Ben Bowman, Multnomah County Chair Jessica Vega Pederson, Portland Mayor Keith Wilson and Portland City Council President Jamie Dunphy issued a joint statement supporting the bill.
"We must invest in this publicly owned community asset that serves as an economic engine for our state and brings millions of Oregonians and other visitors together each year for concerts, family shows and community events," the statement reads.
It also notes the Moda Center is the oldest NBA venue that has not undergone a renovation. The renovation would ensure Portland could compete for concerts and marquee events, like the National Collegiate Athletic Association Women's Final Four, which the city will host in 2030.
The bill would reinvest revenue generated by Moda Center back into the arena and tap existing revenue sources, avoiding the need for additional taxes, lawmakers said.
"As we vet this proposal in a full public process, we are confident that lawmakers of all backgrounds and party affiliations can agree: Keeping the Blazers in Portland for years to come is a top priority for our economy," lawmakers said.
