PORTLAND, Ore. — Portland City Council unanimously advanced an agreement Wednesday to extend the ground lease at the Moda Center that could keep the Trail Blazers local through 2035.
The final say on the agreement will be voted on this summer.
Mayor Ted Wheeler said to extend the lease that expires next year is of the “utmost importance." The Moda Center sees nearly 1.5 million visitors a year, including Trail Blazers home games that generate more than $600 million annually for the city and support nearly 6,000 jobs regionally.
The proposed five-year lease extension with the city and Rip City Management, which operates the Moda Center, would keep the Trail Blazers in Portland for up to 10 years.
The resolution that city commissioners voted through on Wednesday would ease the way for the short-term ground lease extension, which will also transfer ownership of the sports arena to the city from a private, Blazer-associated entity.
By the ownership terms laid out in the agreement, Rip City will maintain full operational control of the Rose Quarter, including the Moda Center and the Veteran Memorial Coliseum. However, the city will own the ground and the arena.
As part of the agreement, the city and Rip City plan to revitalize the Rose Quarter and surrounding area. Extending the lease would give them more time to figure out the details, which include significant renovations to the venue.
"Our goal is to create a thriving area 365 days a year," said Dewayne Hankins, president of business operations for the Portland Trail Blazers and Rip City Management.
