SALEM Ore. (KPTV) - Senate President Rob Wagner on Monday introduced legislation that he said would lay the groundwork for renovating Portland’s Moda Center, framing the proposal as a long-term investment in what he called “Oregon’s Arena” and the state’s economic future.
Wagner, a Democrat from Lake Oswego, said Senate Bill 1501 would create a framework for the state to join with the city of Portland in a multi-jurisdictional agreement to renovate the arena, which is currently owned by the city. Supporters of the bill say the project could help anchor the revitalization efforts in the Lower Albina area.
According to Wagner’s office, the Moda Center generates hundreds of millions of dollars in annual economic activity, supports thousands of jobs and hosts more than 240 days of sports, entertainment and community events each year.
“The Moda Center, with the Portland Trail Blazers as its anchor tenant, is a source of civic pride and is critical to the strength and continued growth of our local, regional, and statewide economies,” President Wagner said. “Renovating Oregon’s Arena is the best investment we can make in Oregon’s economic future.”
Supporters of the bill say the Moda Center is the oldest NBA arena in the country that has not undergone a major renovation and does not meet many modern expectations for spectators. They also point to upcoming events and changes, including new ownership of the Trail Blazers, the NCAA Women’s Final Four scheduled for Portland in 2030, and the launch of a new WNBA team in 2026.
Under SB 1501, the state would be authorized to pursue shared ownership of the arena with the city of Portland, which Wagner said could allow the use of state general obligation bonds over a 20-year period to help finance renovations. The bill would also create an Oregon Arena Fund to receive money from various sources to renovate, maintain and operate the Moda Center and to pay debt service, though the legislation does not appropriate any money to the fund.
In addition, the bill would direct certain state agencies to work with the arena’s operator to estimate tax revenues generated by economic activity at the Moda Center and to reinvest those dollars into the arena fund, according to Wagner’s office.
Backers of the proposal estimate the arena attracts about 1.6 million visitors per year, generates roughly $670 million in annual regional economic impact and supports nearly 4,500 jobs through operations and visitor spending.
The bill was introduced but has not yet been scheduled for a hearing.
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