Portland City Council and Trail Blazers Finalize Bridge Agreement as Step Toward Forming Long-Term Public Private Partnership

Next week, the Portland City Council will consider two ordinances to enter into a short-term lease extension, or "bridge agreement," between the City and Rip City Management for Moda Center. This lease extension will keep the Portland Trail Blazers playing in Moda Center through the 2030 season, with an option to extend through the 2035 season. This agreement is a critical step, allowing more time to pursue and structure a long-term public-private partnership for a major renovation of the arena that would commit the Trail Blazers to Portland for many years to come.

The current lease for Moda Center expires in October 2025 and in February of this year, Portland City Council authorized proposed Rose Quarter agreement terms, greenlighting pursuing a five-year bridge agreement.

Since February, the City has engaged in due diligence efforts related to transferring the Moda Center into public ownership, including an appraisal of the proposed land acquisition, and a full condition assessment of the arena. Legal teams from the City of Portland and Rip City Management have prepared the legal documents needed to execute the bridge agreement.

Recognizing the civic, cultural, and economic importance of the Trail Blazers to Portland, the agreement represents the City and Rip City Management's shared commitment to preserving the team's legacy in Moda Center.

"This bridge agreement is an exciting step towards a long-term partnership with Rip City Management and the Trail Blazers to maintain world-class sports and entertainment in Portland for years to come," said Mayor Ted Wheeler. "The Rose Quarter is central to Portland's identity and civic pride-a major cultural center and gathering place that makes significant contributions to our regional economy. The opportunity to further enhance and grow this tremendous community asset in partnership with the Blazers is critical to our efforts to revitalize Portland's central city."

Rip City Management operates both Moda Center and Veterans Memorial Coliseum, homes to the Portland Trail Blazers, the Portland Winterhawks, and countless other significant entertainment, cultural, and civic events each year. Moda Center, including the estimated 1.5 million visitors it attracts, generates $600 million in annual economic activity, supporting thousands of jobs.

"The Trail Blazers and Rip City are a key part of who we are as a community-a source of civic pride and identity across Portland and all of Oregon," said Dewayne Hankins, President of Business Operations for the Portland Trail Blazers and Rip City Management. "Thank you to Mayor Wheeler, the City Council, City Administrator Michael Jordan, and everyone at the City who brought this agreement to fruition - this is an important step toward a long-term public-private partnership that would help revitalize the Rose Quarter and keep the Trail Blazers synonymous with Portland for years to come."

Moda Center is the oldest NBA arena to have never undergone a major renovation. As Oregon's largest gathering place-based on total annual attendance-approaches 30 years of age, a new and significant investment in Moda Center and the Rose Quarter would improve and extend the useful life of the unique community asset. Reinvesting revenue generated by Moda Center and the Rose Quarter back into Moda Center will help maintain its competitive position in the NBA, improve the fan experience, and make it competitive for more high-profile concerts and tourism events in the Pacific Northwest.

A major Moda Center renovation will also be a centerpiece for revitalizing the Rose Quarter and the Lower Albina neighborhood into a vibrant transformational area and supporting community-led efforts to restore the Black community.

The ordinances to approve the bridge agreement are scheduled to go before Portland City Council August 7.

For additional information, please view the document linked below: