A long line of heavy hitters testified in support of investing $600 million in the Moda Center to keep the Portland Trail Blazer in town at the 2026 Oregon Legislature on Wednesday, Feb. 11.
Senate Bill 1501 would create the Oregon Arena Fund to receive monies from the State of Oregon, the City of Portland, and Multnomah County to fund improvements and operations at the center, which is the oldest arena hosting an NBA franchise that has not been renovated.
Texas businessman Tom Dundon and a number of private investors are seeking to buy the team from the family of the late Paul Allen for $4.25 billion. NBA Commissioner Adam Silver has suggested the Northeast Portland facility needs such improvements for the team to continue playing there.
Elected officials testifying in support of SB 1501 before the Senate Rules Committee included: Oregon Gov. Tina Kotek; Senate President Rob Wagner (D-Lake Oswego); House Majority Leader Ben Bowman (D-Tigard); Senate Ways and Means Chair Kate Lieber (D-Southeast Portland and Beaverton); Metro Council President Lynn Peterson; Multnomah County Chair Jessica Vega Pederson; Portland Mayor Keith Wilson; and District 1 Portland City Councilor Loretta Smith.
“Every generation of Oregonians has invested in building community spaces that bring people together. This is our opportunity to secure Portland’s future, revitalize historic neighborhoods, and strengthen Oregon’s economic competitiveness. Upgrading Moda Center – home of the Portland Trail Blazers – is a smart investment in Oregon’s economic future. This is Oregon’s moment to step up, and Senate Bill 1501 is the way to do that,” Kotek said.
Organizations whose representatives testified in support of SB 1501 included: the Portland Trail Blazers; Oregon Business and Industry; the Portland Metro Chamber; the Albina Vision Trust; Travel Portland; the Boys and Girls Clubs of Oregon; and Sports Oregon.
All of them said Portland would suffer a massive economic loss if the Trail Blazers were to leave town.
“Supporting the Moda Center — with the Trail Blazers as its anchor tenant — is a step this Legislature needs to take to keep millions of dollars in economic activity in Oregon, continue to draw major events and tourists to our state, and preserve the growth and investment we are seeing in the neighborhood surrounding the arena,” said Wagner, who introduced the SB 1501.
“Losing the Trail Blazers would be a devastating blow, echoing past harms,” said Winta Yohannes, Executive Director of the Albina Vision Trust, the nonprofit organization working to revitalize the historic home of Portland’s black community.
Only a few people testified against SB 1501, including Steve Wright, treasurer of Tax Fairness Oregon, who said public funds should be spent on core services.
Although SB 1501 contains few details, the testimony indicated the State of Oregon will invest $360 million in bond funds supported by income taxes paid by team employees, the City of Portland is considering an initial $120 million and a total $400 million investment over 20 years supported by parking fees and other potential sources, and Multnomah County is considering an $85 million investment support by motor vehicle rental fees and other potential sources.
The City of Portland purchased the Moda Center from the Trail Blazers approximately two years ago. If the financing package moves forward, the State of Oregon would become a co-owner.
“Renovating the Moda Center isn’t about one building — it’s about Oregon’s future. This project strengthens our economy, supports communities across the state, and ensures Oregon remains competitive for major events and investment. With state partnership, it becomes a generational investment in jobs, culture, and long‑term economic relevance,” Wilson said.
A separate bill must also be approved by the 2026 Oregon Legislature to allow the bond sales. It has not yet been introduced.
Senate Rules Committee member Bruce Starr (Polk and Yamhill Counties) asked the most questions, indicating that he wants guarantees that all three governments will contribute to the fund and the Trail Blazers will promise to remain in town for at least 20 years written into SB 1501.
This is a developing story and will be updated when more information is available. A previous North Peninsula Review story can be found here.