PORTLAND, Oregon (KPTV) – The Portland City Council has officially approved the city’s purchase of the Moda Center and its associated land, valued at over $7 million.
This happened after more than seven months of discussions on two different proposals.
The first proposal calls for an extension of the Moda Center lease through at least the 2030 season; it is part of a five-year agreement between the City of Portland and Rip City Management.
The second option is a purchase valued at over $7 million that would transfer ownership of the arena from Rip City Management to the City of Portland.
SEE ALSO:
This means the Moda Center is now publicly owned and the city can use revenue from Blazers games at the 30-year-old arena to fund some much-needed renovations.
These renovations could also open the door for future expansion of the WNBA.
The Moda Center is the oldest NBA arena that has never undergone a major renovation.
Mayor Wheeler expressed hope that the modernization of the Moda Center will also have a positive impact on the revitalization of Portland.
All rights reserved.
