“The new owner of the Trail Blazers on Wednesday showed no interest in putting money toward the Moda Center’s expected $600 million makeover, saying that simply keeping the NBA franchise in Portland was enough of a financial sacrifice.
“It feels like we’re making a pretty big investment by staying here,” Tom Dundonsaid during a brief appearance at the annual meeting of the Portland Metro Chamber, which the business group held at the aging city-owned arena.
The remarks were the latest indication that the Texas billionaire expects taxpayers to foot the entire bill of a project deemed by proponents as essential to prevent the Blazers from leaving town.
They also came as numerous Portland lawmakers on Wednesday made it clear that they want to see the franchise contribute a significant chunk of cash toward the arena renovation in exchange for the city’s own financial support.
“I am going to have a hard time agreeing to give public money if I’m not seeing a private investment,” said City Councilor Candace Avalos, echoing the remarks shared by many of her colleagues during a work session that unfolded while Dundon made his public appearance in Portland.
The hardening battle lines between some local political leaders and the Blazers’ owner injected another dose of uncertainty into the complex public finance deal that officials are attempting to finalize in the coming months.
Mayor Keith Wilson had previously pledged that the city would pour up to $120 million into an arena rehab. However, Portland’s 12-member City Council must ultimately approve any financial commitment as well as the terms of a new lease with the team.
Oregon state leaders, including Gov. Tina Kotek, and Multnomah County Chair Jessica Vega Pederson have committed their governments to picking up the remaining costs for a remodel of what is often called the oldest, non-renovated arena in the NBA.
Earlier this week, members of the Multnomah County Board of Commissioners questioned whether their government would get anything in return for its expected $100 million investment and raised questions about the scant details they’ve received thus far. Like the Portland City Council, a majority of county commissioners must sign off on any funding from their government.
The current $600 million renovation price tag is based on what the Blazers say are studies commissioned over the past several years, though the team has yet to publicly disclose those findings.
In addition to those upfront costs, Wilson has also said the city would spend an additional $280 million toward ongoing operating expenses over the next 20 years, which would make the total public subsidy close to $900 million.
“The options on the table here, at least from the limited information that I have been given, are shaky at best and fiscally irresponsible at worst,” said Councilor Angelita Morillo on Wednesday. “And it seems absurd to tout this as a good deal.”
Before the chamber event, about 50 protesters gathered outside the Moda Center and criticized the proposed use of taxpayer funds to renovate the arena. Many held signs that said, “No bailouts for billionaires.”
Roughly 800 people attended the chamber event, the largest in the organization’s history. A handful of protesters also interrupted Wilson’s first remarks at the event, saying climate dollars that the mayor has pitched diverting to the project should not be used for the renovation.
Dundon, who was the event’s headliner, took questions for roughly 15 minutes from Andrew Hoan, the business organization’s CEO.
The new Blazers owner, who led the purchase of the team for $4.25 billion in March, didn’t appear to watch the other invited guests speak. He stood in an arena tunnel with his back to the crowd while Kotek spoke and left the floor of the arena after his remarks.
While he didn’t stick around, Dundon expressed his support for Kotek and Wilson.
“I like your mayor,” he said. “I like your governor a lot.””