Full Breakdown
Portland’s $600 Million Moda Center Renovation Funding Standoff
6/26/2026, 8:56:12 AM
Renovation Funding Standoff
Mayor Keith Wilson urged Portland City Council to approve up to $120 million in municipal funds for a $600 million overhaul of the publicly owned Moda Center. Trail Blazers owner Tom Dundon, speaking at a Metro Chamber event, rejected any private financing, insisting the city bear the full cost. The debate intensified after Wilson’s newsletter labeled critic Edan Krolewicz—a data analyst who runs the “Rip City Not Rip Off” site—as an “opportunist” and “Brooklyn-based techbro.” Councilors and community groups have since amplified their opposition.
Background & Funding Landscape
The Moda Center, opened in 1995, is owned by the City of Portland; the Trail Blazers lease it through 2030. Funding already secured includes a $365 million state bond and $88 million from Multnomah County, primarily financed by a rental-car tax. The proposed renovation would total $600 million, with the city’s share projected at $120 million—less than one-quarter of the total cost. Krolewicz’s analysis notes that Portland has committed roughly $1 billion in taxpayer money toward arena upgrades over the next two decades.
Key Stakeholders
- Keith Wilson – Mayor of Portland, championing the $120 million city contribution.
- Tom Dundon – Trail Blazers owner, opposing private investment in the renovation.
- Edan Krolewicz – Founder of “Rip City Not Rip Off,” advocating a term sheet that would fund the city’s share without additional public money.
- Councilors – Mitch Green, Candace Avalos, Angelita Morillo, Tiffany Koyama Lane, Steve Novick, among others, expressing varying degrees of skepticism.
- Portland Metro Chamber – Host of the event where Dundon and city officials presented the proposal.
Financial Stakes
- Total renovation cost: $600 million.
- State bond: $365 million.
- Multnomah County contribution: $88 million.
- Proposed city share: $120 million (? 20 % of total).
- Potential city revenue from a future team sale: $120 million (per Krolewicz).
- Additional public-sector commitments over 20 years: ? $1 billion.
Official Statements & Responses
Mayor Wilson emphasized the city’s limited share, arguing it is sufficient to “put the brakes on the project” if not taken seriously, and described the owners’ negotiating style as “fair, firm, friendly.” Dundon asserted that the team is already contributing through ticket-tax increments and framed the renovation as a necessary investment to retain the franchise. Councilor Avalos warned she would struggle to support public funding without a private counterpart, while Morillo called the proposed terms “shaky at best and fiscally irresponsible at worst.” Krolewicz offered a term sheet that, in his view, could fund the city’s contribution without additional taxpayer outlays and pledged to rally his 1,500-plus supporters behind a strong deal.
Criticism, Opposition, and Public Sentiment
Krolewicz’s email to Wilson was portrayed by the mayor as an attempt to “deliver 10 city council votes,” a characterization Krolewicz disputed, stating his intent was to support a solid term sheet. Councilor Green publicly expressed unease, accusing the mayor of deflecting legitimate concerns. Protesters outside the Metro Chamber event carried signs opposing “bailouts for billionaires.” City-wide surveys indicated strong support for keeping the Blazers in Portland but a lower willingness to allocate public resources for the renovation. Councilor Novick questioned why the city has not pursued legal action to compel the owners to fund the $600 million upgrade.
Conflicting Reports & Gaps
- The mayor’s newsletter describes Krolewicz as an opportunist, whereas Krolewicz claims his proposal would eliminate the need for additional city funds.
- Dundon’s claim that ticket-tax increments constitute a contribution is not quantified in the public record.
- The exact terms of the proposed “term sheet” and how it would generate the $120 million remain undisclosed.
Verbatim Quotes
- “It feels like we're making a pretty big investment by staying here and paying these tax rates,” — Tom Dundon, Trail Blazers owner
- “Our share may be comparatively smaller, but it’s enough to put the brakes on the project if we don’t take our role seriously.” — Keith Wilson, Mayor of Portland
- “I am going to have a hard time agreeing to give public money if I'm not seeing a private investment,” — Candace Avalos, City Councilor
- “I thought the whole point of this $600 million investment was to make it a first-class arena, so why haven’t we filed a lawsuit asking for $600 million dollars?” — Steve Novick, City Councilor
What’s Next
Portland City Council is slated to vote on the financing plan in a June work session, with a public-private partnership expected to be solidified by mid-August. The long-term lease agreement governing the Blazers’ use of the Moda Center is anticipated to be finalized before the end of the year, pending resolution of the funding terms.
