After an extended meeting on Wednesday, the City of Portland has approved an offer sheet to the Portland Trail Blazers listing conditions and commitments for renovation of the Moda Center Arena in which the Blazers play. The motion passed by an 8-4 vote. Here are the terms offered. We are summarizing for brevity.
Renovations will be completed within a four-year period. Both the Blazers and the city must jointly sign off on renovations.
You can find a preliminary version of the offer sheet here. We will try to get you the fully-amended version as soon as it becomes available.
This offer sheet does not close the matter. The Blazers must agree to the terms—some of which they’ve already indicated antagonism towards—before the funds can be allocated.