“I think we are very far apart,” said a team source Sunday, one of two within the Blazers who were granted anonymity to discuss the situation freely.
On Friday, the city of Portland sent the Blazers a term sheet for a 20-year-lease agreement. If the Blazers agree to the terms, the team would receive $600 million in public funds to renovate the Moda Center. Of significance, the city is asking the Blazers to pay $3 million annually for a property tax offset, which would escalate over time. Additionally, the deal would require the Blazers to hire union workers and set caps on project-cost overruns.
“The term sheet is a non-starter,” the source said. “I don’t know why they sent it to us, because they know very little of the stuff we would agree to. They are playing politics at this point.”
The Trail Blazers’ board of directors meets Monday and will address the term sheet to determine a course of action.