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Portland Offers $573 M Public Funding for Blazers Arena Renovation

7/21/2026

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Summary

Story summary

Portland released a draft term sheet proposing a $573 million public contribution to renovate the Trail Blazers arena.
The draft calls for an annual $3 million payment in lieu of taxes, rising 5 % each year to total about $100 million over the lease.
Portland City Council will review the draft and consider amendments in August.
Sources told The Athletic the deal is a “non-starter” after Trail Blazers officials declined to confirm a position.

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Story summary

Portland released a draft term sheet proposing a $573 million public contribution to renovate the Trail Blazers arena.
The draft calls for an annual $3 million payment in lieu of taxes, rising 5 % each year to total about $100 million over the lease.
Portland City Council will review the draft and consider amendments in August.
Sources told The Athletic the deal is a “non-starter” after Trail Blazers officials declined to confirm a position.