PORTLAND Ore. (KPTV) - Portland City Council voted 8-4 to authorize a non-biding term sheet for the renovation of the Moda Center for the Trail Blazers on Wednesday.
Previously, the council approved an amendment that raises the Blazers’ rent from $2 million to $3.17 million.
According to the city, the term sheet will allow negotiations with Rip City Management to “enter a more detailed phase.”
In a release, the city said the term sheet “outlines a framework for a modernized, publicly owned Moda Center that supports the economy and strengthens the partnership between the team and the community.”
The city also said the sheet includes a binding 20‑year agreement requiring the Trail Blazers to play all home games at Moda Center, commitments for community benefits and “clear financial protections” on public funding.
“Portland is an incredible city. We are culturally vibrant, we have the best audiences in the country, our incredible natural beauty provides the backdrop to the best quality of life in the nation, and we are serious people who get things done. This city is a value proposition. It is also a place with values. Both. We move forward from both. I am certain that our greatest chapter is ahead of us, and I hope that the Blazers are a part of that future,” said Council President Jamie Dunphy.
The term sheet will now go to Rip City Management LLC and Trail Blazers Holdings, LLC for their review.
This story will be updated as more details become available.
_Copyright 2026 KPTV-KPDX. All rights reserved._