At the risk of making this blog all Moda Center renovation, all the time, I note that two of the five commissioners who run Multnomah County reportedly want to reduce the county’s contribution to the proposed arena upgrade. The county would chip in only $65 million instead of the $100 million promised to the team by the lame duck county chair, Jessica Chevy Vega Peterson.
Two Multnomah County commissioners plan to propose reducing the county’s contribution toward the proposed Moda Center renovation project ahead of a vote scheduled this week, KATU has learned….
Amendment #1: Removing the provision that would turn over to the City the County’s estimated $35 million Business Income Tax (BIT) contribution resulting from the tax on the sale of the team….
Amendment #2: The County must receive a revenue stream greater than or equal to the debt payment on Bonds for the County contribution (about $4.5 million/annually).
One of the proponents of these changes, Brim-Edwards, is running for county chair in November. With the wheels now completely off the renovation deal, it might be smart for everyone to put the entire proposal aside until the day after the election results are known.