City Buys Moda Center, Plans Major Renovation for $7.13 Million

Looks like Portland’s city council has decided to dip their toes into the sports arena business. In a move that’s sure to raise eyebrows among fiscal conservatives, the Rose City has just inked a deal to purchase the Moda Center for a cool $7.13 million. Strap in, folks, because we’re about to dive into the nitty-gritty of this latest urban adventure.

The Deal

The Portland City Council unanimously approved the purchase of the Moda Center and an adjacent parcel for $7.13 million on Wednesday. This decision is part of a five-year bridge agreement between the City of Portland and Rip City Management, LLC, owned by the estate of Paul G. Allen.

Here’s the kicker: the city will buy the Moda Center itself for just $1, while the adjacent parcel comes with a $7.13 million price tag. The funds are coming from the city’s Spectator Venues and Visitor Activities account, not from the general fund. This move secures the Portland Trail Blazers’ presence in Portland through 2030, with hopes for a 20-year commitment down the line.

Renovation Plans

The Moda Center hasn’t seen a major facelift in nearly three decades, and it’s starting to show. The city has committed to matching funds for renovations, aiming to bring the arena up to modern standards and keep it competitive in attracting major events.

“This agreement will help us enhance the fan experience, support community revitalization, and maintain the Moda Center’s competitive status for events,” said Mayor Ted Wheeler, apparently channeling his inner sports mogul.

Economic Impact

The Rose Quarter, which includes both the Moda Center and Veterans Memorial Coliseum, is a significant economic driver for Portland. It hosts over 260 events annually and supports approximately 6,000 jobs.

“The Rose Quarter is a critical asset for our entire region,” said Deena Crawley, a Portland resident and Trail Blazers season ticket holder. “It’s not just about basketball. It’s about concerts, family shows, and bringing people together. This purchase ensures that legacy continues.”

To facilitate the renovations and future public investments, the city plans to leverage property tax exemptions. This move has raised some concerns about potential impacts on local tax revenue, but proponents argue that the long-term economic benefits outweigh the short-term costs.

Historical Significance

The Moda Center, formerly known as the Rose Garden, has been a cornerstone of Portland’s sports and entertainment scene since its opening in 1995. It has hosted countless memorable moments for Trail Blazers fans and has been a key factor in the city’s development over the years.

As we watch this deal unfold, one can’t help but wonder if the city council has scored a slam dunk or if they’re about to find themselves in foul trouble. Only time will tell if this $7.13 million gamble pays off for the good people of Portland. Stay tuned, sports fans and taxpayers alike – this game is far from over.