Portland to send initial term sheet to Trail Blazers amid ongoing arena talks
City to Propose Initial Term Sheet
Portland city leaders are preparing to send an initial term sheet to the Trail Blazers this week. This development follows recent statements from the NBA indicating that discussions regarding the team’s future in Portland were considered “off track.” The term sheet will outline the city’s first proposal for a long-term agreement aimed at keeping the team in Portland.
The move comes weeks before a scheduled council vote on August 12, which is intended to approve a tentative term sheet. This also follows comments from Mayor Keith Wilson, who previously accused the team of not providing essential details about the project. City administrator Raymond Lee noted that the city has requested information from the Blazers that has not yet been received.
Lee suggested that the Blazers might be waiting for a term sheet before fully engaging in negotiations and sharing critical information needed to finalize a long-term deal. The initial document is expected to detail the city’s financial commitments, its requests of the team, and other aspects for a long-term lease agreement.
Negotiation Challenges and Community Support
Some council members have expressed hesitation about supporting a $120 million investment without a commitment from the team to share revenue or contribute to the project. Others view it as an opportunity to attract state and county investments. Lee emphasized the necessity of presenting a document to the team to determine which terms are agreeable and which require further negotiation.
Mayor Wilson had previously stated that the team was withholding information and not responding to requests to discuss the nearly $600 million publicly-funded arena renovations. He highlighted the aggressive timeline for a new lease and the need for design information and clarity on public investment to move forward. The absence of these details, according to Wilson, is slowing progress at a critical time.
In response, Charles Boyle, a spokesperson for the team, countered that the city possesses more information than state leaders had during the legislative session. Boyle affirmed the Trail Blazers’ readiness to begin formal negotiations immediately, based on the framework provided by SB1501 and the $365 million already allocated for the project. He stressed that an agreement must be reached this year and that the next step is for the city to present a term sheet.
Meanwhile, a coalition of Portland businesses and community organizations, named “We Are Rip City,” has formed to advocate for the Moda Center renovation project. The group, which includes businesses such as Ox Restaurant, Black Business Association of Oregon, and Hoffman Construction, launched a website and email campaign urging Mayor Keith Wilson and the Portland City Council to support the initiative.
Karis Stoudamire-Phillips, co-chair of “We Are Rip City” and Vice President of DEI and Community Initiatives at Moda Health, underscored the urgency of the situation. She warned that the city risks losing the Trail Blazers, which would be detrimental to the community. Stoudamire-Phillips also framed the project as an opportunity to foster a thriving Central City and support the restorative development of the Albina neighborhood.
Financial Deadlines and Future Steps
According to “We Are Rip City,” a crucial deadline looms: the city must finalize an agreement by December 17. Failure to do so would result in the expiration of the $365 million already committed to the project by the State of Oregon. The coalition also noted that major concerts and world-class events are reportedly bypassing Portland due to the arena’s outdated infrastructure.
Lee assured fans that the city is making every effort to ensure the Blazers remain in Portland as their permanent home. He emphasized the importance of establishing a relationship and agreement that benefits both the city and the team, ensuring a return on investment from both a financial and community perspective. The city council is scheduled to hold at least one more public meeting in July to discuss the deal, ahead of a potential vote on a more formal term sheet on August 12.
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Source: katu.com
