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Moda Center Project

This webpage will be updated through all phases of the project.

The State of Oregon and the Moda Center: Our Role

In March of 2026, Governor Tina Kotek signed into law Senate Bill 1501 (SB 1501). This legislation directs the state of Oregon to sell up to $365 million in bonds to cover a portion of the costs of renovating the Moda Center in Portland. The Oregon Department of Administrative Services (DAS) is directed to negotiate agreements with one or more public bodies to establish a joint authority, the purpose of which is to own and oversee the operations of the Moda Center. The legislation also establishes the Oregon Arena Fund. Dollars generated by the state's bond sale, as well as any local funding commitments, will be deposited into the Oregon Arena Fund. DAS is directed to oversee and invest dollars from this fund into the Moda Center renovation.

Key Conditions

SB 1501 requires five specific conditions to be met before bonds can be sold:

  1. The National Basketball Association must approve the sale of the Portland Trail Blazers.
  2. An agreement establishing a Joint Authority between the State of Oregon and the City of Portland to own and operate the Moda Center must be signed.
  3. An agreement between the Joint Authority and the Moda Center’s management entity must be signed. This agreement must include a 20-year lease, among other provisions.
  4. The Joint Authority must review and approve the scope, schedule, and budget for the Moda Center renovation project.
  5. Other public partners must make binding financial commitments to the Moda Center renovation project. 

The state of Oregon is also directed by SB 1501 to complete a market analysis and hire an expert in arena negotiations. The market analysis, completed in June 2026, reviews similarly sized markets and examines their arena construction and renovation timelines, funding approaches, cost structures, and governance models. The state of Oregon is in the process of bringing onboard other subject matter experts to help represent the state’s interests as the project progresses.

Lastly, beginning in 2028, the DAS Office of Economic Analysis is directed by SB 1501 to provide annual estimates of taxes paid by performers at the Rose Quarter. This work will be completed and communicated alongside other required reporting to the Legislature. Continue reading to Transparency for more detail.

How the State of Oregon Will Help Fund the Moda Center Renovation

The state of Oregon will sell bonds to investors to generate up to $365 million to put toward Moda Center renovations. This debt will be repaid over the course of 20 years using income tax withholdings paid by players, performers, and other individuals employed at the Moda Center.

Timeline

The bond sale for the Moda Center Renovation is expected to occur in the spring of 2027; however, the process of issuing bonds begins several months prior to the sale itself. Before the bond sale process can begin, the state must meet the conditions of SB 1501 and any other legal and procedural requirements, which must be completed by the end of December 2026. This timeline will ensure the state is able to sell bonds in the spring 2027, making funding available for the start of construction in summer 2027. 

Phase 1: Joint Authority Formation, Oregon Arena Fund Set Up, Foundational Conditions (Q2-Q4 2026) 

Phase 2: Financing Activation (January-May 2027) 

Phase 3: Employer Withholding and Reporting (February 2027-31) 

Subsequent phases involving design, construction, and project delivery are in development in partnership with the City of Portland and the Trail Blazers.

Final report and closeout: Submit final quarterly report aligning to closing; confirm repeal of reporting section effective January 2, 2032.  

Progress Toward Key Conditions

  1. NBA approved sale of the Portland Trail Blazers: Complete
  2. Joint Authority created: Pending
  3. Joint Authority agreement with Moda Center management entity: Pending
  4. Joint Authority review of Moda Center renovation project scope, schedule, and budget: Pending
  5. Binding financial commitments from City of Portland and Multnomah County: Pending
Other items:

Transparency

To ensure transparency around this project and the significant sums of public funding invested, DAS is directed by SB 1501 to report quarterly to the Oregon State Legislature. These reports will include information on:
  1. Planning, design, and execution of renovations to the Moda Center
  2. Expenditures by the Joint Authority
  3. Amounts and sources of revenue obtained by the Joint Authority
DAS will make these quarterly reports to the Legislature through January 2032.