Portland City Council Approves Term Sheet for Moda Center Renovation and Trail Blazers Lease
The Portland City Council has approved an initial term sheet for the renovation of the Moda Center and a 20-year lease agreement with the Trail Blazers in an 8-4 vote. This nonbinding agreement will guide future negotiations, aiming to keep…
Portland, OR, August 12, 2026 —
The Portland City Council has voted 8-4 to approve an initial term sheet for the renovation of the Moda Center and a 20-year lease agreement with the Trail Blazers basketball team. This development marks a significant step towards ensuring the team remains in Portland.
The approved term sheet is a nonbinding agreement that will serve as the foundation for future, more detailed negotiations. The primary objective of this agreement is to facilitate the retention of the Trail Blazers within the city of Portland.
While state and county funding for the project has been secured, the proposed terms outline a structure that includes yearly rent payments from the Trail Blazers. Additionally, the agreement allows for potential contributions from the city towards the renovation of the Moda Center. Specific details regarding the allocation of these city funds are still pending and are expected to be finalized in December.
The passage of this term sheet by the City Council indicates a commitment from local government to address the future of the Moda Center and the Trail Blazers’ presence in Portland. Further negotiations will be required to establish the precise financial arrangements and renovation plans.
Story summarized from the original created by Julia Lopez , FOX 12 Staff on www.kptv.com, see more information here.
