Portland City Council Approves $120 Million Term Sheet for Moda Center Funding: What Comes Next

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📍PORTLAND, Ore. — One day shy of a year since Trail Blazers fans first learned Tom Dundon's name, the city of Portland officially delivered the same message that Multnomah County sent to the Blazers' new owner last week, and that the state of Oregon did back in March.

The money is there to meet his demands and keep the team here.

On Wednesday afternoon, the city council voted 8-4 in favor of a preliminary term sheet that will see them contribute $120 million towards an expansive, ambitious three-year renovation of Moda Center. This follows the county approving up to $101.6 million in funding for the project, and the state of Oregon agreeing to pay $365 million to update the 31-year-old building.

If a renovated arena is what Dundon wants, all three governments have told him that's what they'll give him.

The specter of relocation has hung over the Blazers since he officially took over on March 31, spurred on by a publicly combative relationship between top team officials and members of city council. Dundon's outward attitude toward the city itself can most charitably be described as complete indifference, if not outright annoyance that this is where his team plays.

"I've seen enough from Tom Dundon to know that he is actively pursuing opportunities elsewhere," councilor Dan Ryan said at one point during Wednesday's hearing. "We're not talking to Tom Dundon anymore. We're talking to NBA commissioner Adam Silver."

Other city councilors echoed similar sentiments Wednesday. Even the ones that voted yes expressed reservations about Dundon's intentions and doubt that he's going to approach the upcoming lease negotiations in good faith. At this point, there isn't really a credible counterargument to make on his behalf. The city, state and county have now held up their end of the deal.

Wednesday's city council vote doesn't seal the Blazers' long-term future in Portland, but it goes a long way toward taking the threat of a move off the table. Without Oregon, Portland and Multnomah County all agreeing to contribute to the effort, the Dundon would have a lot more grounds to convince the NBA and the other owners that he should be allowed to explore relocation.

With all three government bodies now having delivered yes votes and pledging over half a billion dollars in combined public money, Dundon can't accuse the city he seems to dislike so much of not being willing to invest in his team's future.

Now begins a four-month sprint for city, state and county officials and Blazers leadership to finalize an official, legally binding lease by the end of the calendar year.

Today's agreement to commit the money marks the start of those negotiations, not the end of it. All four parties have very different agendas, needs and people to answer to. Coming up with a deal all of them can live with is going to be a tight needle to thread, and they have a limited amount of time to do it.

When is the deadline for a lease?

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