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.
Oregon's Governor, House Majority Leader, Multnomah County Chair, and City of Portland leaders also issued a joint statement in support of 'Oregon's Arena':
"The key to ensuring Portland remains Rip City for years to come is a significant renovation of Moda Center, the oldest venue where the NBA plays that has not undergone a major renovation. We must invest in this publicly-owned, community asset that serves as an economic engine for our state and brings millions of Oregonians and other visitors together each year for concerts, family shows, and community events."
"This is so much bigger than basketball. A renovation of Moda Center will ensure our largest city, and therefore the state, can be competitive in attracting stops for national concert tours, as well as future marquee athletic events like the NCAA Women's Final Four, which Portland will proudly host in 2030."
"The City of Portland, State of Oregon, and Multnomah County are fully aligned on the need to act now to modernize Moda Center and secure the Blazers' long-term future here."
"We have worked together to craft a bill to support a renovation that reinvests revenue generated by Moda Center back into the arena and utilizes other existing revenue sources to preserve this vital community asset without creating new tax burdens for Oregonians. As we vet this proposal in a full public process, we are confident that lawmakers of all backgrounds and party affiliations can agree: Keeping the Blazers in Portland for years to come is a top priority for our economy."
"In good times and bad, win or lose, Oregonians stick together. We are defined by work ethic and grit; substance over flash; determination in the face of adversity."
"After more than 50 years, the Blazers are at the center of our state's identity. Let's cement their future in Portland and invest in an economic asset that benefits Oregonians statewide. Game on."