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Today, executive leadership met with Portland City Council in executive session to review the first-draft term sheet for the transformative renovation of Moda Center and long-term tenancy of the Trail Blazers. The draft reflects the City's priorities, community feedback, and direction from Council.

The City has produced a term sheet that is reasonable, fair, and focused on keeping the Trail Blazers in Portland, ensuring the long-term viability of the City-owned arena, and delivering meaningful community benefits. The draft outlines a framework for a modernized, publicly owned Moda Center that supports economic vitality and strengthens the partnership between the team and the community.

Key terms in the City's draft include:

• Non-relocation commitment: A binding 20-year agreement requiring the Trail Blazers to play all home games at Moda Center.
• Labor harmony agreements: Requirements for labor-peace agreements to support a stable workforce.
• Financial protections: Clear caps on public funding, limits on eligible expenses, and safeguards for the City, State and County against cost overruns.
• Payment: A $3 million annual payment for property tax offset payment from Rip City Management, escalating over time, with proceeds shared among the City, County, and Portland Public Schools.
• Community benefits commitments: Requirements for community event access, local hiring, sustainability standards, and partnerships with Albina-based organizations.

The City delivered the draft term sheet to the Trail Blazers following Council review today. Next steps include continued negotiations with the Trail Blazers to refine and finalize a term sheet as the City prepares for a Council vote in August. This marks an important step toward securing a long-term agreement that keeps the team in Portland and delivers a renovated, state-of-the-art Moda Center for the entire community.