Examining reasons for 100% public funding of Moda Center renovations

The Moda Center is home to the Portland Trail Blazers. It also hosts the Portland Fire, large-venue concerts, and other community events. It is a city-owned facility. There is a proposal to renovate it entirely with public funds – nothing put up by the private team owner. Last weekend, I heard how supporters justify that. And – spoiler alert – their reasons are not very good. I’ll share my impressions. But first, let’s look at the proposal. The Proposal In 2024, the city engaged Venue Solutions Group to perform a Facility Condition Assessment (PDF document) for the Moda Center. It found that the venue needs about $504M over 20 years to support identified repairs and expected maintenance. That’s about $357M in present-day dollars. Note: I calculated present-day amount using the 3.5% CPI rate from the VSG Facility Condition Assessment (page 9) and the 10-year midpoint of the 20-year plan as a simplifying assumption. That's: $504M ÷ (1.035)^10 ≈ $357M. City, county, and state leaders…