What happened: The City Council approved the term sheet 8-4 and committed up to $275 million for upgrades over 20 years. Annual rent would start at $3.1 million and rise by up to 3%, while payments in lieu of taxes would begin at $3 million and increase 5% annually.
Why it matters: A 20-year lease with the Portland Trail Blazers is tied to the broader public financing package and the franchise's long-term future in Portland. The proposed terms would also put responsibility for construction overruns on the team.
By the numbers: The rent and tax-offset payments carry an estimated present value of $110 million: about $50 million from rent and $60 million from PILOTs. The combined streams would
What to watch: Negotiations will test whether Tom Dundon accepts the escalating payments and full responsibility for cost overruns.