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Two Multnomah County commissioners will seek significant changes to a proposed nine-figure county contribution toward a Moda Center renovation, a move that could further upend the complex public finance deal that’s already seemingly teetering on the brink.
Ahead of a scheduled vote later this week, Commissioners Julia Brim-Edwards and Meghan Moyer on Tuesday introduced a pair of amendments that would cut more than a third of the $100 million that County Chair Jessica Vega Pederson previously committed toward the estimated $600 million project and require that the county recoup any debt it takes on to help finance it.
The pair last week called for a “reset” on the negotiations over a potential arena facelift that proponents say is essential to prevent the Trail Blazers from leaving town following the team’s purchase this spring by Texas billionaire Tom Dundon.
Brim-Edwards and Moyer have argued that they have not been given a meaningful opportunity to determine what the county should expect to get in return for its financial contribution, and have bemoaned what they described as a broader lack of basic information about the project.
Oregon leaders, including Gov. Tina Kotek, and Portland Mayor Keith Wilson, have committed their governments to picking up the remaining costs for a remodel of what is often called the oldest, non-renovated arena in the NBA.
Under current plans, Multnomah County’s proposed $88 million capital commitment would come from two pots of money: $53 million from an existing 2.5% tax on rental cars and $35 million of the county’s expected $40 million in tax proceeds from the sale of the Blazers. The tax on rental cars backs bonds for the Oregon Convention Center that mature in 2030.
In addition, county commissioners are considering $13.6 million for Moda Center maintenance, bringing the commitment to $101.6 million, not including an estimated $37 million in debt service over the next two decades.
One of Brim-Edwards’ and Moyer’s amendments would pull the $35 million in earmarked business tax proceeds from the pot of county money, reducing the total to about $65 million.
“The county anticipates a $60 million deficit over the next three years,” the pair said in a statement Tuesday, noting those funds “could instead be used to protect essential services for seniors, people with disabilities, homeless individuals and veterans.”
The second amendment would require that the county “receive a revenue stream greater than or equal to the debt payment on bonds for the county contribution,” according to draft text of the proposal.
Vega Pederson, who is bringing a resolution Thursday that seeks to affirm the county’s commitment to the arena renovation project, did not immediately respond to a request for comment Tuesday.
The move by Brim-Edwards and Moyer comes just days after Portland officials delivered a draft term sheet to the team with a list of provisions the city could seek as it attempts to cement a final deal that would keep the Trail Blazers in Portland for at least the next 20 years.
Many of those provisions, including a “labor harmony agreement” that could lead to unionized or family wage jobs at the Moda Center and annual payments by the team, have been concessions that county leaders have pushed for.
Trail Blazers officials, however, sharply criticized the city’s opening salvo on Monday, offering a near blanket rebuke of the proposed terms.
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