Portland Leaders Eye $573 Million Moda Center Renovation Deal Amidst Lease Talks
Portland city leaders held an executive session at City Hall to discuss funding for renovations to the Moda Center, the home of the Trail Blazers. The city has sent a draft term sheet for a 20-year lease, including a proposed…
Portland, OR, July 22, 2026 —
Portland city officials convened in an executive session at City Hall this week to deliberate on proposed funding for extensive renovations to the Moda Center, the arena that hosts the NBA’s Portland Trail Blazers.
The discussion centered on a potential 20-year lease agreement between the city and the Blazers organization. As part of this proposed lease, the city has put forth a significant public investment package totaling $573 million, earmarked for the much-needed upgrades to the venue.
Sources indicate that a draft term sheet outlining the proposed lease and public funding has been formally submitted to the Trail Blazers. However, as of the executive session, the city had not yet received a substantive response from the basketball franchise regarding the terms presented. The timeline for a response from the Blazers organization was not provided.
The Moda Center, originally known as the Rose Garden, has been the home of the Trail Blazers since its opening in 1995. The proposed renovations aim to modernize the facility and ensure its continued viability as a premier sports and entertainment venue in the region.
Further details regarding the specific nature of the planned renovations and the exact breakdown of the $573 million public investment were not immediately available. The status of negotiations remains fluid as the city awaits a formal reaction from the team.
Story summarized from the original created by Mikhala Armstrong on www.kptv.com, see more information here.
