Seventeen peer arena deals since 2013, spanning NBA, NHL, and NBA-ready public arenas. Portland's remains the only one with zero private capital from ownership and zero rent. Movement, July 17: the City’s first draft term sheet now includes a $3M/yr property-tax offset and a non-relocation agreement with specific performance and clawback — the protections converged; the economics columns below remain open. The draft, scored →
The same firm proves a fair deal was on the table. CAA Icon — the consultant on the Blazers’ side in Portland — won the public a hard cost cap in Sacramento and a ~$1B relocation penalty in Oklahoma City. Portland’s deal has none of it. Same firm, opposite sides →
Portland says it needs $600M to renovate Moda Center. But how does that compare to what other NBA/NHL cities actually paid to renovate or redevelop publicly-owned arenas? These peer projects are sorted by cost, with Seattle labeled separately as a full arena redevelopment under a historic roof.
Cleveland renovated Rocket Mortgage FieldHouse — a comparable publicly-owned, mid-market arena — for $185M, with ownership paying 62.2%. Seattle's city-owned Climate Pledge Arena was a much larger $1.15B full redevelopment, but it was privately financed. Including Seattle, Portland's $600M ask is still roughly 20% above the peer average, and Portland is still at 0% private capital. Excluding Seattle as an outlier full rebuild, the peer average remains about $409M.
The state’s own comparables now agree. The PFM summary the state surfaced July 9 books its peer renovations at 18–52% private capital — the same range as this table — and records Portland’s proposed structure as “Team: Cost overruns,” i.e. 0% base private capital. It also documents, in passing, peer rent of $1–2M/yr, Orlando’s naming-and-suite revenue 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 own opening materials say the Cavaliers funded $115M of the $185M — 62.2% private — after absorbing overruns on an initial 50/50 split. This page keeps the sourced figure; both numbers can’t be right — the state’s workpapers are a records target.
The City commissioned Venue Solutions Group in 2024. Its study — which we obtained by public records request and publish in full — prices today's full scope at ~$253M and the 20-year plan at ~$505M. The $600M ask exceeds the study the City paid for. Cleveland renovated a comparable arena for $185M. Atlanta for $192.5M. Before committing $1.02–$1.11 billion, Council should reconcile its own study to its own ask — line by line. Read the reconciliation →
Email your city councilors →Gross subsidy alone does not define a market deal. This view subtracts direct, contractually identifiable public returns where the record supports a dollar value: rent, capital funds, ticket surcharges, and similar hard payments. Development promises, naming-rights control, lease protections, and relocation penalties are shown in notes unless they create a confirmed public-dollar offset.
The market question is not whether other cities paid. It is how much the public remained exposed after the city received rent, capital funds, revenue participation, ticket fees, enforceable lease protections, or private capital. On the current Portland record, the public gets no disclosed dollar return.
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 and interpretation by Rip City Not Rip Off. Peer net-offset notes are derived from public records and reporting summarized in the deal table below.
Confirmed net public exposure equals public capital or public financing exposure minus directly identifiable public-dollar returns. This dataset is construction-cost and deal-terms context, not a renovation-scope estimate. openICPSR states the material is distributed as deposited and has not been reviewed, checked, or processed by ICPSR. Dollar bases differ by source: ICPSR historical construction rows use 2020-adjusted dollars; current peer-deal rows use the nominal public deal figures disclosed in the cited records. The chart is a screening and comparison layer, not a substitute for the lease documents themselves.
This broader arena dataset is not the core Portland argument. It is the context layer: public subsidies are common, but the responsible benchmark is what the public gets back for the money.
This chart does not say Portland should match the worst public deals. It shows the range of public exposure cities have accepted, and why Portland should define market rate by public return, not subsidy size alone.
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 and interpretation by Rip City Not Rip Off.
Derived from the Stata file as a filtered visualization dataset: arenas only, 1990-present, cost fields present, U.S. NBA/NHL venues only. Public share uses the dataset field pubpct100; dollar amounts in the tooltip use the dataset's 2020-adjusted cost fields. Portland markers are current public-exposure scenarios against a $600M capital ask, not entries from the ICPSR dataset. openICPSR states the material is distributed as deposited and has not been reviewed, checked, or processed by ICPSR. This dataset is construction-cost context, not a renovation-scope estimate or lease-terms dataset.
Peer arena deals since 2013 with arena ownership, project type, true public cost, revenue return, relocation protection, and lease terms. Renovation rows are the deals most comparable to Portland.
Funding bar: gold = private (owner) share · red = zero private / 100% public. * Salt Lake City's arena is 100% public — the $4B+ is adjacent private district development, not arena capital.
| Deal | Cost | Public $ | Private $ | Private % | True Public Cost | Public Protections |
|---|---|---|---|---|---|---|
|
Portland Trail Blazers
SB 1501
Renovation
Public-Owned
Moda Center · Enabling law Mar 2026 · Council vote Aug 12 · Construction 2027
|
$600M | $573M | $0 | 0% | $1.02B–$1.11B |
✗ No rent · ✗ No revenue sharing ✗ No relocation penalty · ✗ No surcharge 20-yr lease (shortest of any deal) |
|
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. $500M+ naming rights retained. |
|
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. Franchise value $11B+. |
|
Seattle Kraken / Storm
Redevelopment
Public-Owned
Climate Pledge Arena · Opened 2021 · City-owned
|
$1.15B | $0 | $1.15B | 100% | $0 |
✓ Privately financed by OVG and partners; no City financing ✓ OVG responsible for construction overruns, operations, and maintenance 39-year lease plus two 8-year 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. Hosted 2022 All-Star. 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. Base arena public financing was ~$324M; later Pistons-specific public bonds added $34.5M. |
|
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 the cost overruns ✓ Hard cost cap · CAA Icon as owner’s rep for the public Team keeps Golden 1 naming (~$120M/20 yrs). Public funded ~$255M, largely via parking monetization. |
|
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 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 — same firm on 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.” Even at ~87% public, Orlando charged rent and kept the upside — Portland’s deal has neither. |
|
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, ~$850M yrs 6–10, 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 (affordable housing) · 0.5% district sales tax ✓ $4B+ private surrounding development Dual NBA/NHL. City-owned. |
Bottom line: $573M in public principal balloons to $1.02B–$1.11B over 20 years once interest and operations are counted — while the Trail Blazers / Tom Dundon put in $0.
| Source | Principal | Ongoing | Duration | True Cost (w/ interest & ops) |
|---|---|---|---|---|
| State of Oregon (SB 1501 bonds) | $365M | Rose Quarter income tax diversion (~$72M rising to ~$83M per budget cycle) | 20 years | $531M–$623M |
| City of Portland (upfront) | $120M | — | One-time | $120M |
| City of Portland (operations) | — | $14M/yr | 20 years | $280M |
| Multnomah County | $88M | — | One-time | $88M |
| Trail Blazers / Tom Dundon | $0 | $0 | — | $0 |
| TOTAL PUBLIC COMMITMENT | $573M | $14M/yr + bond service | 20 years | $1.02B–$1.11B |
Sources: Oregon Legislative Fiscal Office · Mayor Wilson testimony to Oregon Legislature · OPB · portland.gov · KGW public records
Headline figure of "$600M renovation cost" refers only to construction — not to total public financial exposure over the life of the deal.
CAA Icon worked for the PUBLIC in Sacramento (a hard cost cap and owner’s-rep oversight) and in OKC (rent escalators, revenue sharing, and a ~$1B relocation penalty in the early years). In Washington D.C., CAA Icon serves as PROJECT MANAGER and secured lease payments through 2050. The same firm is on the BLAZERS' side in Portland, where none of those protections exist.
Four peer deals — the 76ers, Clippers, Warriors, and Seattle's Climate Pledge Arena redevelopment — were funded entirely with private capital. Every other deal in the last decade included meaningful private contributions from ownership, rent payments, revenue sharing, or strong public protections.
Portland's SB 1501 is the only deal where the current public record shows no ownership contribution and no clear public return. Not a reduced share. Not a smaller percentage. Not even rent. Zero.
Among renovation and redevelopment projects specifically, Cleveland did comparable work for $185M with 62.2% private funding, while Seattle's $1.15B city-owned arena redevelopment was privately financed. Including Seattle, Portland's $600M ask is roughly 20% above the peer average — and the public pays 100% of it. The TRUE cost over the life of the deal: $1.02 billion to $1.11 billion.
The City's own commissioned study (Venue Solutions Group) already scopes the genuine repair need at ~$253M — not $600M. Before committing more than a billion dollars in public funds, Council should reconcile the $600M ask to that study.
Email Portland City Council →