Oregon is making a major play to keep the Trail Blazers rooted in Portland - and it starts with a $600 million facelift for the Moda Center.
On Monday, state lawmakers introduced Senate Bill 1501, a proposal that would funnel income taxes generated in and around the arena directly into a new “Oregon Arena Fund.” The money wouldn’t come from new taxes, but rather a redirection of existing ones - essentially using the economic engine that is the Moda Center to help pay for its own renovation.
Senate President Rob Wagner, who introduced the bill, made the case clearly: “The Moda Center, with the Portland Trail Blazers as its anchor tenant, is a source of civic pride and is critical to the strength and continued growth of our local, regional, and statewide economies.” In his eyes - and in the eyes of state and city leaders - investing in the arena isn’t just about basketball. It’s about jobs, tourism, and keeping Portland on the map.
Let’s zoom out for a second. The Moda Center opened its doors in 1995, and while it’s hosted countless games, concerts, and community events since then, it’s now the oldest arena in the NBA that hasn’t undergone a major renovation. That’s a stat that raises eyebrows in league circles, especially as teams across the country upgrade their facilities to meet modern standards for fans, players, and revenue-generating events.
Earlier this year, reports surfaced that the Trail Blazers - now under new ownership - were looking to the state for help funding the renovation. The franchise was purchased in August 2025 by a group led by Texas billionaire Tom Dundon for a reported $4.25 billion. But despite the hefty price tag, Dundon isn’t expected to personally finance the $600 million renovation.
That’s where SB 1501 comes in. If passed, the bill would not only create the Oregon Arena Fund but also lay the groundwork for a new multi-jurisdictional agreement between the City of Portland and the Oregon Department of Administrative Services. The city currently owns both the arena and the land it sits on, but this bill could reshape that structure - potentially giving the Blazers more long-term security and incentive to stay.
There’s a catch, though. The funds wouldn’t be released unless the Trail Blazers agree to lease the Moda Center for a “specified term.” That term hasn’t been publicly disclosed yet, but it’s a clear effort to tie public investment to a firm commitment from the team.
And that commitment is crucial. The Blazers’ current lease at the Moda Center runs through 2030, but with the franchise under new ownership, the question of relocation looms. Dundon could look elsewhere if the team doesn’t see a viable path forward in Portland - especially if the arena remains outdated by league standards.
That’s what makes this legislation more than just a funding mechanism. It’s a high-stakes move to keep the Blazers in Rip City.
The arena’s economic footprint is no small thing. According to Wagner and city officials, the Moda Center generates $670 million annually, supports approximately 4,500 jobs, and hosts more than 240 sporting events each year. It’s not just a basketball venue - it’s a hub for concerts, family shows, and community events that draw millions of visitors annually.
In a joint statement backing the bill, Governor Tina Kotek and Portland Mayor Keith Wilson emphasized the arena’s broader impact: “We must invest in this publicly-owned, community asset that serves as an economic engine for our state and brings millions of Oregonians and other visitors together each year.”
At the time of publication, the bill hasn’t yet been scheduled for its first hearing. But the stakes are clear.
Portland’s identity as “Rip City” is intertwined with the Blazers and the arena they call home. SB 1501 isn’t just about bricks and mortar - it’s about keeping the heart of Oregon basketball beating strong for decades to come.