Portland City Council Approves 20-Year Lease and Renovation for Moda Center
Portland City Council has approved a term sheet for a 20-year lease agreement with the Portland Trail Blazers for the Moda Center. This agreement includes a $573 million renovation of the venue, with the city contributing $120 million upfront and…
Portland, OR, August 13, 2026 —
Portland City Council has given its approval to a significant 20-year lease agreement with the Portland Trail Blazers for the continued use of the Moda Center. The landmark decision also greenlights a substantial $573 million renovation project for the well-known arena.
Under the terms of the approved agreement, the city of Portland is set to contribute $120 million upfront towards the renovation costs. Additionally, the city will allocate $275 million over the 20-year lease period specifically for the upkeep of the venue.
The financial commitment for the extensive renovation extends beyond the city’s contribution. The Oregon Legislature has pledged $365 million to the project. Multnomah County is also expected to cover the remaining costs necessary to complete the $573 million renovation.
The proposed deal was not without its challenges, encountering some opposition from within the city council. Furthermore, the agreement drew protests from members of the public who voiced concerns regarding the use of public funds for the project.
Story summarized from the original created by Courtney Vaughn and Jeremiah Hayden on www.portlandmercury.com, see more information here.
