Portland gears up for high-stakes Moda Center funding deal

Portland is negotiating a long-term funding package for the Moda Center as the Blazers’ new owners seek major renovations. The package includes state bonds of about $365 million, roughly $88 million from Multnomah County plus other sources, and substantial city contributions over the next 20 years, with debates over how to cover remaining costs. A term sheet is due by Aug. 12 and a final lease vote by Dec. 17, with public hearings and possible voter input on a tax-backed referendum. If a deal is reached on time, construction could begin next summer and target completion in time for the 2030 NCAA Women’s Final Four; if not, the state bond plan could be reintroduced in January.