Oregon Approves $365 Million for Moda Center Renovations to Keep Trail Blazers

Oregon lawmakers have approved a $365 million funding bill to renovate the Moda Center in Portland, aiming to secure the future of the Portland Trail Blazers in the city for decades to come. The bill, Senate Bill 1501 B, passed the Oregon House of Representatives on Friday, March 6, 2026, with a vote of 42-14, and now heads to Governor Tina Kotek’s desk for final approval.

Funding Details and Repayment

The legislation authorizes the issuance of $365 million in state-issued bonds for the arena upgrades. These bonds are intended to be repaid through income tax revenue generated by the Trail Blazers organization and its staff, as well as from the salaries of visiting players and performers who utilize the Moda Center. Budget analysts estimate the total cost of the bonds, including interest, could range from $530 million to $625 million KLCC.

Legislative Process and Support

The vote came at the close of Oregon’s short legislative session, with lawmakers prioritizing the funding package to modernize the venue and retain the NBA franchise. The Senate passed SB 1501 on Wednesday, March 4, 2026, in a bipartisan 24-6 vote KLCC. Governor Kotek has previously expressed support for the plan KGW.

Broader Renovation Plans and Local Impact

City officials have outlined a comprehensive plan to invest over $400 million in renovating the Moda Center and surrounding areas. The upgrades are expected to attract major concerts and events, bolstering Portland’s reputation as a premier entertainment destination. Portland Mayor Keith Wilson emphasized the investment’s role in restoring Portland’s standing as a major hub KGW.

Requirements and Agreements

The state funding is contingent upon the Portland Trail Blazers signing a 20-year lease to remain at the Moda Center. The bill as well requires approval of the project’s scope, budget, and construction timeline before financing is secured KPIC. The Blazers are responsible for covering any cost overruns during the renovation process KLCC.

Senate Bill 1051

The Oregon House also passed Senate Bill 1051, establishing a framework for disbursing funds to the project. The bill passed by a margin of 43-13 KPIC.