Portland City Hall has approved a budget of $120 million to renovate the Moda Center, The Athletic reported.
The city council approved a preliminary agreement by an 8–4 vote in favor of the proposal.
This amendment would also require the Blazers to pay $3.1 million annually in stadium rent.
It should be noted that the city of Portland acquired the venue in 2024 for $1 following the death of the late Paul Allen, after which maintenance costs were shared, ranging between $8 and $10 million per season.
The Blazers’ current contract runs through October 11, 2030, and following the renewal’s approval, it is expected to be extended for another 20 years.
Notably, the Moda Center is the only NBA arena that has not yet undergone renovation since its opening in 1995.
