Construction
New arena or renovation? Equalize scope, dates and indirect public support.
Seventeen Peer Arena Deals
Side by Side
NBA, NHL and NBA-ready public arenas, 2006 to 2025, beside the term sheet Portland adopted on August 12 (nonbinding, 8–4, amended). The sheet proposes $3.17M a year in rent from substantial completion, a $3M tax offset and relocation remedies; the economics columns that peers filled with construction capital and revenue sharing are still open. The draft, scored →
Email your city councilors now →The short version
Seventeen peer arena deals sit beside Portland’s. Among the eight renovations and redevelopments, three peers (Charlotte, Memphis, Salt Lake City) also put no base private capital into the building, and the other five put in anywhere from 18% to 100%. Portland’s adopted framework asks ownership for $0 of construction capital, against $573 million of public renovation funding and up to $288.6 million of continuing support before financing.
0% to 100% Calculated: the private share of construction cost across the comparables below. PFM’s review for the State includes fully public renovations, so no single peer percentage is a rule.
Rent is no longer zero: councilors added $3.17M a year on the floor, proposed to start at substantial completion. It sits between Cleveland’s $2.0M and the $4.5M rent in this ownership’s Raleigh lease, which is a comparison, not a template.
How these numbers fit together
$573MProposed public renovation portion: State $365M, City $120M, County $88M. The adopted negotiating documents still need a reconciled funding plan and complete project budget. Proposal verified
Up to $288.6MContinuing contribution ceilings: City $275M plus County $13.6M. Annual limits and actual-receipt conditions matter; these are not unconditional cash commitments. Proposal verified
$861.6M$573M + $288.6M: combined nominal framework ceilings before financing costs. This is neither a present value nor a binding all-in expenditure. Do not add repayment of the same borrowed principal twice. Calculated
$3.17M + $3MProposed initial annual rent and tax-offset payment. Rent begins at the specified post-renovation commencement and escalates by the lesser of CPI-W or 3%; the tax offset grows 5%. Start dates, recipients and credits still matter. These are not the public’s only receipts. Proposal verified
UnvaluedThe maintenance claim, new commercial rights and operating alternatives require legal, engineering and financial valuation. A lifecycle cost estimate is not a damages award; gross venue revenue is not profit.
Verified describes what a source says, not that a proposed obligation is signed or funded. The reconciled ledger and sources →
What belongs in the comparison
Commercial rights
Identify who keeps naming, parking, premium seating and event income.
Land and duration
Value property rights, infrastructure, renewal options and extra years.
Future obligations
Identify lifecycle costs, insurance, reserves and exposure after default.
The comparison checklist
- Capital cash and who finances it.
- Operating term and all renewal options.
- Rent commencement, escalation, credits and security.
- Naming, parking, concessions, premium seating and tax treatment.
- Land control, infrastructure and community obligations.
- Lifecycle maintenance, casualty, departure and public liability.
Renovation Projects: The Real Comparisons to Moda Center
What peer NBA/NHL cities paid to renovate or redevelop publicly-owned arenas, sorted by cost; Seattle is a full redevelopment under a historic roof.
#1 lowest
Cleveland Cavaliers
Rocket Mortgage FieldHouse · Completed 2019
$185M
Renovation cost
Private Share
62.2% ($115M)
Ownership
Public
Dan Gilbert paid $115M and absorbed all cost overruns. Mid-size market.
#2
Atlanta Hawks
State Farm Arena · Completed 2018
$192.5M
Renovation cost
Private Share
26%+ ($50M+)
Ownership
Public
Hawks absorbed all overruns above $192.5M. City-owned. Lease through 2046.
#3
Charlotte Hornets
Spectrum Center · Completed 2025
$245M
Renovation + practice facility ($60M)
Private Share
~0% (overruns only)
Ownership
Public
No base private capital, but $2M/yr rent + $1.1M/yr capital fund from 2031 (~$32M through 2045). City-owned.
#4
Indianapolis Pacers
Gainbridge Fieldhouse · ~2020–2025 ongoing
~$360M
Multi-phase renovation
Private Share
18% (~$65M)
Ownership
Public
Capital Improvement Board + city funded 82%; Pacers 18%.
#5
Salt Lake City Jazz
Delta Center · 2024–2025+ ongoing
$525M
Arena renovation (+ $900M district)
Private Share
Arena 0%, but $4B+ private district
Ownership
Hybrid
Arena 100% public via a 0.5% district sales tax, offset by $4B+ private surrounding development and a ticket-fee public-benefits fund. Dual NBA/NHL.
#6
Memphis Grizzlies
FedEx Forum · 2024–2025 ongoing
$550M
Renovation cost
Private Share
0%
Ownership
Public
100% public via TN state bonds + local taxes. Lease extensions beyond 2029.
Portland
Portland Trail Blazers SB 1501
Moda Center · Term sheet adopted Aug 12, 2026 · Nonbinding
$573M
Public renovation funding: State $365M + City $120M + County $88M
Private Share
0% ($0 base capital)
Ownership
Public
Rent
Proposed $3.17M/yr from completion
Relocation remedies
Proposed Formula still open
One of four renovations here with no base private capital (with Charlotte, Memphis and Salt Lake City). The adopted sheet puts overruns and post-renovation operating losses on ownership and adds continuing-support ceilings of up to $288.6M before financing (City $275M, County $13.6M). Binding documents are due by December 31; the Council vote is targeted for December 17.
#7
Washington D.C.
Capital One Arena · Completing 2027
$800M
Renovation cost
Private Share
35.6% ($285M)
Ownership
Public
D.C. bought the arena for $87.5M, leases back at $1.5–$2.3M/yr through 2050 + options to 2070. Owner absorbs all overruns. CAA Icon is project manager.
#8 highest
Seattle Kraken / Storm
Climate Pledge Arena · Opened 2021
$1.15B
Full redevelopment under historic roof
Private Share
100% ($1.15B)
Ownership
Public
City-owned. OVG privately financed the redevelopment, took the cost risk, and signed a 39-year lease with two 8-year options.
$501M
Avg. peer renovation / redevelopment
(excluding Portland)
(excluding Portland)
$573M
Portland's adopted
construction budget
construction budget
~30%
Avg. private share
(renovation peers)
(renovation peers)
0%
Portland's
private share
private share
Excluding Seattle's outlier rebuild, the peer average is about $408M. The earlier floated $600M ask ran roughly 20% above the all-peer average; the adopted $573M budget runs about 14% above it, at 0% private capital.
The PFM summary the state surfaced July 9 includes fully public renovations alongside deals where ownership paid most of the bill; across the comparables on this page the private share runs from zero to 100%. It records Portland’s structure as “Team: Cost overruns”, which is 0% base private capital, and it documents peer rent of $1–2M/yr, Orlando’s naming-and-suite share, and Indiana’s ~$750M early-termination payment. What the state’s summary shows →
One discrepancy, flagged: the state’s summary lists Cleveland’s 2019 renovation as 62% public / 38% private; contemporaneous reporting and the venue’s opening materials say the Cavaliers funded $115M of the $185M, 62.2% private. This page keeps the sourced figure; the state’s workpapers are a records target.
The City's own building study is public
The City commissioned Venue Solutions Group in 2024. Its facility assessment, obtained by public records request and published in full, is a lifecycle capital study at a 2024 cost basis: it prices what the building needs over time, not the renovation the term sheet describes, and it does not sort owed repair from optional upgrade. The $573M budget still has no itemized project budget behind it (Exhibit A is blank). Council should reconcile the study's scope to its own budget before the binding documents are signed. Read the study →
Net Public Exposure: What the Public Actually Pays
This view subtracts contractually identifiable public returns (rent, capital funds, ticket surcharges) from gross subsidy.
Chart loading...
$573MPortland public renovation funding; offsets proposed, unpriced
$273MMedian confirmed peer net exposure
4Confirmed peer projects with no public construction subsidy
Source: Bradbury, John, Dennis Coates, and Brad Humphreys. US Major-League Sports Stadium and Arena Construction Costs (1909-2027). ICPSR, 2023. Used under CC BY 4.0; analysis by Rip City Not Rip Off. Peer net-offset notes derive from the records cited in the deal table below.
Methodology note
Confirmed net public exposure equals public capital or financing exposure minus directly identifiable public-dollar returns. Soft promises (impact claims, adjacent development, naming-rights value, relocation penalties, land rights) are not monetized unless the public holds a priced claim. Older ICPSR rows stay gross-only until lease-return terms are source-confirmed: upper-bound exposure, not audited net subsidy. Dollar bases differ: ICPSR historical rows use 2020-adjusted dollars; current peer-deal rows use the nominal figures disclosed in the cited records. A screening layer, not a substitute for the lease documents. Portland’s marker is the $573M public renovation budget before offsets: the proposed rent and tax offset are not subtracted until they are priced in binding documents, and the continuing-support ceilings of up to $288.6M are carried in the Public Balance Sheet, not on this chart.
Where Portland Sits in the National Subsidy Record
Public subsidies are common; the responsible benchmark is what the public gets back for the money.
Chart loading...
State only
$365M 63.7% of budget
State + County
$453M 79.1% of budget
State + County + City capital
$573M 100% of budget
44U.S. NBA/NHL arenas, 1990-present
52.8%Median public share of venue cost
23 / 44At least half publicly funded
Source: the same ICPSR construction-cost dataset cited above, used under CC BY 4.0; analysis by Rip City Not Rip Off.
Methodology note
Filtered from the Stata file: U.S. NBA/NHL arenas, 1990-present, cost fields present. Public share uses pubpct100; tooltip dollars are 2020-adjusted. Portland markers are funding scenarios against the $573M public renovation budget, not ICPSR entries. openICPSR distributes the material as deposited, unreviewed. Construction-cost context only.
All Peer Deals: The Full Picture
Seventeen peer arena deals beside Portland’s: ownership, project type, net public exposure, revenue return, relocation protection and lease terms. Renovation rows are the closest comparisons.
Funding bar: gold = private (owner) share · red = zero private. * Salt Lake City's $4B+ is adjacent private district development, not arena capital.
Compare the same transaction
A new arena is not the same as a renovation. Public ownership, arena income, land and development opportunities, naming, rent, public debt guarantees and future maintenance can shift the actual burden, and capital-share tables can miss indirect support. PFM’s State review includes fully public renovation funding examples. A claim that every peer pays an 18–62% private share is too broad; in this table the private share runs from zero to 100%.
The same owner’s Raleigh arrangement is useful evidence of negotiable mechanisms, not proof that every Portland demand has already been accepted on identical terms. We retire the $1.1–1.2 billion combined “market-standard package” as a demonstrated floor and the description of a proposed $4.5 million rent plus 3% schedule as an identical Raleigh obligation. Require current executed documents and a net package comparison.
Sources: State PFM comparables review · Sources & corrections
| Deal | Cost | Public $ | Private $ | Private % | Net Public Exposure | Public Protections |
|---|---|---|---|---|---|---|
|
Portland Trail Blazers
SB 1501
Renovation
Public-Owned
Moda Center · Enabling law Mar 2026 · Term sheet adopted Aug 12 (nonbinding) · Binding documents due Dec 31
|
$573M | $573M | $0 | 0% | $573Mpublic renovation funding, before proposed offsets |
Proposed $3.17M/yr rent from substantial completion (CPI-W or 3%) · $3M/yr tax offset, growing 5% Proposed Non-relocation with specific performance, liquidated damages, clawback and a parent guaranty; the damages formula is still open ✗ No revenue share · ✗ No surcharge · ✗ No base private capital 20-yr term. Continuing-support ceilings of up to $288.6M (City $275M + County $13.6M) before financing. Nothing signed or funded yet. |
|
Philadelphia 76ers
New Build
Private-Owned
New South Philly Arena · Announced 2025 · Target 2030
|
$1.5B | $0 | $1.5B | 100% | $0 | N/A: team owns arena |
|
LA Clippers
New Build
Private-Owned
Intuit Dome · Deal ~2017–2021 · Opened 2024
|
$2B+ | $0 | $2B+ | 100% | $0 | N/A: team owns arena. |
|
Golden State Warriors
New Build
Private-Owned
Chase Center · Deal ~2012–2014 · Opened 2019
|
$1.4B | $0 | $1.4B | 100% | $0 | N/A: team owns arena. |
|
Seattle Kraken / Storm
Redevelopment
Public-Owned
Climate Pledge Arena · Opened 2021 · City-owned
|
$1.15B | $0 | $1.15B | 100% | $0 |
✓ Privately financed by OVG; overruns, operations, and maintenance on OVG 39-yr lease + two 8-yr options. City receives baseline rent/tax guarantees and excess revenue share. |
|
Cleveland Cavaliers
Renovation
Public-Owned
Rocket Mortgage FieldHouse · Deal 2017 · Completed 2019
|
$185M | $70M | $115M | 62.2% | $70M |
Owner absorbed all overruns. Long-term lease. Most comparable to Moda. |
|
Detroit Pistons
New Build (Shared NHL)
Public-Owned
Little Caesars Arena · Deal 2013 · Opened 2017
|
$862.9Marena | ~$324M+ $34.5M | ~$539M | ~60% | ~$358.6M |
Long-term lease. Shared with Red Wings. Public: ~$324M base + $34.5M later Pistons-specific bonds. |
|
Sacramento Kings
New Build
Public-Owned
Golden 1 Center · Deal 2014 · Opened 2016
|
$534.6M | $255M | $279.6M | 52.3% | $255M |
✓ 35-yr non-relocation lease · team absorbed overruns ✓ Hard cost cap · CAA Icon as owner’s rep for the public Team keeps Golden 1 naming (~$120M/20 yrs). |
|
Milwaukee Bucks
New Build
Public-Owned
Fiserv Forum · Deal 2015 · Opened 2018
|
$524M | $250M | $274M | 52.3% | ~$310M |
✓ $2/ticket surcharge (~$60M over 30 yrs) ✓ 30-yr non-relocation clause · 30-yr lease CAA Icon represented the Bucks (team side). |
|
San Antonio Spurs
New Build + District
Public-Owned
New downtown arena · Approved Nov 2025 · Post-2029
|
$1.3B | $800M | $500M | 38.5% | Net ~$565M |
✓ $4M/yr rent with 2% escalator + $2.5M/yr community benefits (~$235M/30 yrs) ✓ 30-yr non-relocation · 30-yr lease $1.4B private surrounding development. Voter-approved. |
|
Washington D.C.
Renovation
Public-Owned
Capital One Arena · Deal 2024 · Completing 2027
|
$800M | $515M | $285M | 35.6% | Net ~$463M |
✓ $1.5–$2.3M/yr lease through 2050 ✓ Lease options to 2070 · Owner absorbs overruns CAA Icon is project manager, the same firm now on the Blazers' side. |
|
Atlanta Hawks
Renovation
Public-Owned
State Farm Arena · Deal 2016 · Completed 2018
|
$192.5M | $142.5M | $50M+ | 26%+ | $142.5M |
Owner absorbed all overruns above $192.5M. Lease through 2046. City-owned. |
|
Indianapolis Pacers
Renovation
Public-Owned
Gainbridge Fieldhouse · ~2020–2025 · Ongoing
|
~$360M | ~$295M | ~$65M | 18% | ~$295M |
Long-term lease continuation. Capital Improvement Board + city funded 82%. |
|
Orlando Magic
New Build
Public-Owned
Kia Center (Amway Center) · Deal 2006 · Opened 2010
|
~$452M | ~$393M | ~$59M | ~13% | Net ~$363M |
✓ $1M/yr rent (~$30M/30 yrs) · city keeps all non-Magic event revenue ✓ City shares naming-rights + suite revenue (~$1.75M/yr) · 30-yr lease · city-operated 2006 Sentinel headline called it a “fair deal.” |
|
Charlotte Hornets
Renovation + Practice
Public-Owned
Spectrum Center · Approved 2022 · Completed 2025
|
$245Marena | $245Marena | Overrunsonly | ~0% | ~$277M |
✓ $2M/yr rent + $1.1M/yr capital fund (~$32M thru 2045) Lease through 2045. Separate $60M city grant for a standalone practice facility. |
|
OKC Thunder
New Build
Public-Owned
New downtown arena · Approved 2023 · Opening ~2029
|
$900M | $850M | $50M | 5.6% | Net ~$764M–$784M |
✓ $58K/game rent + 3% escalator years 2–5, later CPI-capped increases ✓ Non-relocation penalty (~$1B first 5 yrs, declining across the term) · 25-yr lease through ~2053 CAA Icon negotiated for the public. Strongest protections. |
|
Memphis Grizzlies
Renovation
Public-Owned
FedEx Forum · 2024–2025 · Ongoing
|
$550M | $550M | $0 | 0% | $550M |
Lease extensions beyond 2029. 100% public via TN state bonds + local taxes. |
|
Salt Lake City Jazz
Renovation + District
Hybrid
Delta Center · Approved 2024 · 2025+
|
$525Marena | $525M | $4B+district | * | $525M+ |
✓ Ticket-fee public-benefits fund · 0.5% district sales tax ✓ $4B+ private surrounding development Dual NBA/NHL. City-owned. |
Portland Trail Blazers SB 1501
Moda Center renovation
2026
Renovation
Public-Owned
Total
$573M
Public
$573M
Private
$0 (0%)
Continuing support
Up to $288.6M
Rent
Proposed $3.17M/yr
Relocation remedies
Proposed Formula open
Term
20 yrs
No base private capital, like Charlotte, Memphis and Salt Lake City. The adopted sheet (nonbinding, 8–4) proposes a $3M/yr tax offset, $3.17M/yr rent from substantial completion and relocation remedies; the ceilings above are nominal and before financing.
Philadelphia 76ers
New South Philly Arena
2025
New Build
Private-Owned
Total
$1.5B
Public
$0
Private
$1.5B (100%)
100% private. Joint venture with Comcast Spectacor.
LA Clippers
Intuit Dome
2024
New Build
Private-Owned
Total
$2B+
Public
$0
Private
$2B+ (100%)
Ballmer 100% private; $500M+ naming rights retained.
Golden State Warriors
Chase Center
2019
New Build
Private-Owned
Total
$1.4B
Public
$0
Private
$1.4B (100%)
100% private. Franchise value $11B+ (Forbes 2026).
Seattle Kraken / Storm
Climate Pledge Arena
2021
Redevelopment
Public-Owned
Total
$1.15B
Public
$0
Private
$1.15B (100%)
Lease
39 yrs + options
Cost Risk
OVG
City-owned; OVG privately financed and carries overruns, operations, and maintenance.
Cleveland Cavaliers
Rocket Mortgage FieldHouse
2019
Renovation
Public-Owned
Total
$185M
Public
$70M
Private
$115M (62.2%)
Relocation
Long-term
Lease
Ongoing
Dan Gilbert absorbed all overruns. Mid-market and public-owned, the closest comparison to Moda.
See remaining 11 deals, card by card ▾
Detroit Pistons
Little Caesars Arena
2017
New Build (Shared NHL)
Public-Owned
Total
$862.9M
Public
~$324M + $34.5M
Private
~$539M (~60%)
Public: ~$324M base + $34.5M later Pistons bonds. Shared with Red Wings.
Sacramento Kings
Golden 1 Center
2016
New Build
Public-Owned
Total
$534.6M
Public
$255M
Private
$279.6M (52.3%)
Public Cost
~$255M (parking-backed)
Lease
35 years
CAA Icon negotiated for the public; hard cap; the Kings absorbed the $57M overrun.
Milwaukee Bucks
Fiserv Forum
2018
New Build
Public-Owned
Total
$524M
Public
$250M
Private
$274M (52.3%)
Revenue Return
~$60M surcharge
Relocation
30-yr non-relocation
CAA Icon represented the Bucks (team side). $2/ticket surcharge.
San Antonio Spurs
New downtown arena + district
2025
New Build + District
Public-Owned
Total
$1.3B
Public
$800M
Private
$500M (38.5%)
Revenue Return
~$235M over 30 yrs
Relocation
30-yr non-relocation
$4M/yr rent + 2% escalator + $2.5M/yr community benefits. $1.4B private development. Voter-approved.
Washington D.C.
Capital One Arena
2024
Renovation
Public-Owned
Total
$800M
Public
$515M
Private
$285M (35.6%)
Revenue Return
Lease through 2050
Relocation
Through 2070
D.C. bought arena $87.5M, leases back. Owner absorbs all overruns. CAA Icon is project manager, the same firm now on the Blazers' side.
Atlanta Hawks
State Farm Arena
2018
Renovation
Public-Owned
Total
$192.5M
Public
$142.5M
Private
$50M+ (26%+)
Hawks absorbed all overruns above $192.5M. City-owned. Lease through 2046.
Indianapolis Pacers
Gainbridge Fieldhouse
2020–25
Multi-Phase Renovation
Public-Owned
Total
~$360M
Public
~$295M
Private
~$65M (18%)
Capital Improvement Board + city funded 82%.
Charlotte Hornets
Spectrum Center
2025
Renovation + Practice
Public-Owned
Total
$245M arena
Public
$245M arena
Private
Overruns (~0%)
Revenue Return
$32M rent thru 2045
Lease
Through 2045
No base private capital, but $2M/yr rent + $1.1M/yr capital fund from 2031. Separate $60M grant for a practice facility.
OKC Thunder
New downtown arena
2029
New Build
Public-Owned
Total
$900M
Public
$850M
Private
$50M (5.6%)
Revenue Return
$58K/game + CPI cap
Relocation
$1B penalty
CAA Icon negotiated for the public. Highest public share, strongest protections.
Memphis Grizzlies
FedEx Forum
2024–25
Renovation
Public-Owned
Total
$550M
Public
$550M
Private
$0 (0%)
100% public via TN state bonds + local taxes. Lease extensions beyond 2029.
Salt Lake City Jazz
Delta Center + district
2024
Renovation + District
Hybrid
Total
$525M (arena)
Public
$525M
Private
$4B+ (district)
Revenue Return
Ticket-fee fund
Ownership
Hybrid
Arena 100% public; $4B+ private district + ticket fee. Dual NBA/NHL. City-owned.
Portland's Public Commitment, As Adopted
The adopted framework carries $573 million of public renovation funding and up to $288.6 million of continuing support before financing. The $861.6M sum is neither a present value nor a binding all-in expenditure, and ownership's base construction line is $0.
Line by line ▾
| Source | Renovation funding | Continuing support | Status | Notes |
|---|---|---|---|---|
| State of Oregon (SB 1501 bonds) | $365M | None | Proposed; bonds not yet sold | DAS wants its five conditions met by the end of December for a spring 2027 bond sale. December is not a statutory signing cliff in SB 1501. |
| City of Portland | $120M | Up to $275M | Proposed | Continuing-contribution ceiling over the term; annual limits and actual-receipt conditions apply. |
| Multnomah County | $88M | Up to $13.6M | Proposed | Continuing-contribution ceiling on the same conditions. |
| Ownership (Rip City Management) | $0 | Overruns and operating losses | Proposed | No base construction capital. Responsibility for anything above the Renovation Budget and for post-renovation operating losses. |
| PUBLIC CEILINGS, NOMINAL | $573M | Up to $288.6M | Sum: $861.6M | Before financing. Not a present value; do not add repayment of the same borrowed principal twice. |
Proposed receipts, not yet paid: $3.17M/yr rent from substantial completion, escalating by the lesser of CPI-W or 3%, and a $3M/yr tax offset growing 5%. Sources: August 12 City term sheet, as amended · The Public Balance Sheet
CAA Icon: Same Firm, Opposite Sides
CAA Icon worked for the public in Sacramento (hard cost cap, owner’s-rep oversight) and in Oklahoma City (rent escalators, revenue sharing, a relocation penalty reported near $1B in the early years), and as Washington D.C.’s project manager it secured lease payments through 2050. In Portland the same firm is on the Blazers’ side. The adopted sheet proposes overrun responsibility, rent and relocation remedies; an owner’s representative for the City, a revenue share and an itemized budget remain open.
The pattern is clear
Four peer deals (the 76ers, the Clippers, the Warriors and Seattle's redevelopment) were funded entirely with private capital. Most of the rest returned ownership capital, rent, revenue sharing or hard protections; Memphis, like Portland, shows no ownership capital and no priced return in the public record so far. Portland's adopted sheet now proposes rent and relocation remedies, and still asks for no construction capital and no revenue share, against $573 million of public renovation funding and up to $288.6 million of continuing support before financing.
Email Portland City Council →Three findings to carry
Seventeen peer deals
17 deals. 4 fully private.
Cleveland renovated a comparable publicly owned arena for $185M with 62% private capital; Atlanta for $192.5M at 26%. Portland's $573M budget is one of four renovations in this set with no base private construction capital, beside Charlotte, Memphis and Salt Lake City. The term sheet adopted August 12 proposes a $3M/yr tax offset, $3.17M/yr rent and relocation remedies; the capital line and the revenue share are still open.
All peer deals, compared →
What peer cities get back
$52M to $235M over the lease · Portland: proposed
San Antonio is priced to get about $235M back over 30 years; Raleigh $75M or more in rent; Milwaukee about $60M from its ticket surcharge; Oklahoma City $55M or more in rent; D.C. about $52M in lease payments. Portland's proposed return in the August 12 sheet, as amended: a $3M/yr tax offset growing 5% and $3.17M/yr rent from substantial completion. No revenue share, no naming share, no surcharge.
The returns, sourced →
The owner's own deal
$4.5M→$5.5M/yr rent, in Raleigh
This same ownership pays rent in Raleigh, put about $10M up front, and committed $800M of development by year 20 on the county tax rolls with 10% affordable housing, negotiated by the public's own representative. Portland's adopted sheet proposes $3.17M/yr rent from substantial completion; the up-front capital, the development commitment and the tax-roll treatment have no Portland counterpart yet. Raleigh is a comparison, not a template.
The fair-deal terms, line by line →
Correction (Mar 1, 2026): an earlier version of this page misattributed Dan Barrett's Raleigh role. He was retained by the public side (Centennial Authority). He now represents the Blazers in Portland.