City officials in Portland are preparing to send an initial term sheet to the Trail Blazers this week. This development comes after recent comments from the NBA suggesting that negotiations for the Moda Center renovation had stalled. The term sheet aims to outline the city’s first proposal for a long-term agreement to keep the team in Portland.
This move is occurring weeks before a scheduled council vote on August 12, which is intended to approve a tentative term sheet. The announcement also follows remarks from Mayor Keith, who indicated that the team had not provided essential details regarding the project.
Negotiation Challenges and City’s Stance
City administrator Raymond Lee acknowledged the difficulties in these negotiations. He stated that the city had requested specific information from the Blazers but had not yet received it. Lee believes that the Blazers are awaiting a term sheet before fully engaging in negotiations and providing the critical information needed to finalize a long-term deal beneficial for both the city and the team.
The initial term sheet will detail the city’s financial commitments, its requests to the team, and other aspects that require resolution for a long-term lease. Some council members have expressed uncertainty about supporting a $120 million investment without a commitment from the team to share revenue or contribute financially to the project. Others view it as an opportunity to leverage state and county investments.
Lee emphasized the importance of presenting a document to the team to understand their agreement or negotiation points. This step is crucial for the city council to move forward with discussions.
NBA Commissioner’s Concerns and Team’s Response
The decision to send a term sheet follows recent comments from NBA Commissioner Adam Silver, who expressed disappointment with the pace of negotiations for the Moda Center renovation. Speaking on July 14 in Las Vegas, Silver indicated that the potential deal to keep the Trail Blazers in Portland appeared to have gone “off track.”
Silver mentioned discussing the situation with Blazers owner Tom Dundon and city officials, but noted a lack of progress since discussions in March. He stated that the league office is working with both sides to ensure the Trail Blazers have a long-term future in Portland, despite several unresolved issues.
Mayor Keith had previously stated that the absence of essential details from the Blazers was slowing progress, despite the urgency required to reach a new lease agreement. He highlighted the need for design information and clarity on public investment to advance the negotiations.
In response, Blazers spokesperson Charles Boyle countered the characterization, asserting that the city possesses more information than state leaders had during the legislative session. Boyle affirmed the Trail Blazers’ readiness to begin formal negotiations immediately, utilizing the framework established by SB1501 and the $365 million already allocated for the project. He stressed that an agreement must be reached this year and that the next step involves the city presenting a term sheet.
Lee conveyed a message to fans, assuring them that the city is making every effort to ensure the Portland Trail Blazers remain in Portland as their permanent home. He added that the city seeks a relationship and agreement that is mutually beneficial, providing a return on investment for both the city financially and the community.
The city council is expected to hold at least one more public meeting in July to discuss the deal, anticipating a potential vote on a more formal term sheet on August 12.
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Source: katu.com
