Portland City Council Approves Trail Blazers' Bridge Lease With Moda Center: What it Means

The Blazers and the city of Portland continue to work towards a long-term lease.

📸: Alika Jenner, Getty Images

In February, the Trail Blazers and the city of Portland agreed to a five-year extension of the team’s lease at the Moda Center, which was set to expire in October of 2025. That agreement is now official, with the Portland City Council unanimously approving the deal, as well as the purchase of some land under the Moda Center from the team for $7.13 million.

Trail Blazers, City of Portland Agree to 5-Year Extension on Moda Center Lease as Talks on Rose Quarter Development Continue

Now that that business is done, here’s everything you need to know about the deal, and what comes next for the Blazers and the future of the arena.

Why did the arena sell for $7.13 million? That seems low