Portland City Council, Trail Blazers finalize bridge agreement

Portland City Council will consider two ordinance next week to enter into a short-term lease extension, or “bridge agreement,” between the city and Rip City Management for Moda Center.

The lease keeps the Portland Trail Blazers playing in Moda Center through the 2030 season, with an option to extend through the 2035 season.

The current lease for Moda Center expires in October 2025 and this year in February, Portland City Council authorize propose Rose Quarter agreement terms, greenlighting a five-year bridge agreement.

“This bridge agreement is an exciting step towards a long-term partnership with Rip City Management and the Trail Blazers to maintain world-class sports and entertainment in Portland for years to come,” Mayor Ted Wheeler said in a press release. “The Rose Quarter is central to Portland’s identity and civic pride—a major cultural center and gathering place that makes significant contributions to our regional economy. The opportunity to further enhance and grow this tremendous community asset in partnership with the Blazers is critical to our efforts to revitalize Portland’s central city.”

This agreement is critical in allowing more time to pursue and structure a long-term public-private partnership for a major renovation of the arena that would commit the Trail Blazers to Portland for many years.

Since February, the city has engaged efforts related to transferring the Moda Center into public ownership, including an appraisal of the proposed land acquisition, and a full condition assessment of the arena, according to the release. Legal teams representing the city and Rip City management have legal documents prepared to execute the bridge agreement.

Rip City Management operates both Moda Center and Veterans Memorial Coliseum, homes to the Portland Trail Blazers, the Portland Winterhawks and a number of entertainment, cultural and civic events annually. According to the release, Moda Center, including its estimated 1.5 million visitors it attracts, generates $600 million in annual economic activity and supports thousands of jobs.

“The Trail Blazers and Rip City are a key part of who we are as a community—a source of civic pride and identity across Portland and all of Oregon,” said Dewayne Hankins, President of Business Operations for the Portland Trail Blazers and Rip City Management, in a press release. “Thank you to Mayor Wheeler, the City Council, City Administrator Michael Jordan, and everyone at the City who brought this agreement to fruition — this is an important step toward a long-term public-private partnership that would help revitalize the Rose Quarter and keep the Trail Blazers synonymous with Portland for years to come.”

The ordinances to approve the bridge agreement are scheduled to go before Portland City Council on Wednesday, Aug. 7.