The public
balance sheet.

Two commitments. Different conditions.

A ledger with separate categories

Sources: August 12 City term sheet · County Resolution 2026-050 · City CFO financing memo

Two proposed payments. Two different rules.

These are not the public’s only receipts. Existing fees, parking and other income must be analyzed after costs, restrictions and offsets. Sources: the City term sheet and County resolution linked in the ledger.

What the public already owns

None of this is a return from the 2026 deal. The public owned it before the term sheet existed. It belongs on the sheet because “the public brings $573M” understates the public’s position when the public also brings the building, the land and the garages. Most of it is unpriced because the valuing records have not been released; the withheld-records list below says which ones.

Sources: Ordinance 191857 · Ordinance 191858 · Arena Operating Lease (efiles 16988076) · Exclusive Site Agreement (efiles 16988077) · the September 8 land and naming corrections

Existing arena revenue routed back into the building

The City’s continuing contribution of up to $275M is not new money from the operator. Exhibit D of the term sheet schedules four existing City streams into the building for twenty years, FY2027-28 through FY2046-47. We summed its lines; the schedule is the City’s.

How to read it: these are ceilings on public money the City already collects, subject to the annual and receipt conditions in the ledger above. Counting them as an operator contribution counts the public paying itself. Present values depend on a disclosed discount rate and are not shown here. The County’s separate $13.6M ceiling has its own conditions.

Sources: draft term sheet Exhibit D, July 17, 2026 (production 471144_00015) · August 12 City term sheet, as amended

Seven rules that stop the double-counting

Add a building, a payment stream, a legal claim and a tax break together and the same dollar gets counted three times. These seven rules keep the arithmetic honest, and they are why the totals on this page come out smaller than the loudest ones in circulation.

• You cannot give someone what they already own. Portland already owns the arena, the land, the Coliseum and the garages. “The City keeps its own buildings” is not a contribution from the operator.
• Paying an old bill is not a new contribution. Repairs already owed under the current lease cannot double as private capital for the renovation. The maintenance claim stays preserved, tolled and unvalued until a legal and engineering matrix prices it.
• Money from fans is not money from the owner. The 6% ticket fee and most parking dollars come out of attendees’ pockets. When you buy a ticket, you are the one contributing.
• Public money spent on the building is a cost, not a return. Exhibit D routes about $275M of existing City revenue back into the arena. That is the public paying itself.
• Do not count the lock and the house separately. A non-relocation covenant and a clawback protect the fees and repayments. Count what is protected, or the protection, never both.
• Good things go in their own column. Union jobs and community benefits are real, but they are not rent, and they cannot fill an empty economics column.
• Every number says how sure we are. Verified Calculated Modeled Unpriced. A guess repeated three times is still a guess, and a modeled figure names its outlet.

What must be added before a final price

• A complete transformation budget and dated draws by source.
• Annual debt service, interest, issuance costs and the actual legal payer under stress.
• Each continuing contribution’s annual cap, receipt condition and permitted use.
• Operating expenses, reserve needs, existing pledges and cross-agreement offsets.
• New private cash, fixed rent and variable participation, each counted once.
• Nominal totals and present values with disclosed dates and discount rates.

Sources: August 12 City term sheet · City CFO financing memo

Twenty record sets still withheld

Much of this sheet is marked Unpriced for one reason: the records have not been released. Four record sets requested in 2026 were produced in July: the deal team’s communications, the Coliseum operating agreement and its amendments, the Entertainment Complex ground lease and rent schedule, and the 2024 purchase and sale agreement with its title report and surveys. The paper trail and the bridge deal, decoded report what they show. Twenty remain outstanding.

1. The February 22, 2022 non-disclosure agreement the lease binds the City to (§11.6)
2. The January 1, 2025 insurance replacement-value adjustment (§8.2.3), the closest thing to a current valuation of the arena
3. The Development Agreement of November 4, 1992, as originally executed, which defines the user fee the 1993 deal was built on
4. A parcel-level Rose Quarter ownership map with tax-lot numbers
5. City insurance statements of value (arena, Coliseum, garages, plaza)
6. The Arena Capital Expenditures Plan and the actual matching history
7. Facility-level parking revenue, expense and capital records
8. The current Moda naming-rights agreement and royalty statements
9. Coliseum event-level revenue, rents and net operating profit
10. Plaza advertising, vending and event revenue
11. Existing development notices, declarations, master plans and appraisals
12. Current and historical property-tax records for the parcels
13. The inventory of operator-owned versus City-owned fixtures
14. Insurance, casualty, condemnation and environmental schedules
15. All subleases and management contracts affecting public revenue
16. Public debt schedules, financing costs and pledged-revenue waterfalls
17. Any §10.2 first-class-maintenance compliance reports or notices
18. The NDA and audit protocols governing what the City can disclose
19. Agendas, minutes or notes from the “Project Mt. Hood” deal-coordination meetings (the productions contain only the calendar invites)
20. The March 2026 letters to the NBA as actually sent and signed

Each of these has a records request that would answer it. Bridge-lease section citations (§) are to the executed 2024 documents under Ordinance 191857.

Corrections to the former balance sheet

The former modeled totals mixed categories and relied on unverified commercial assumptions. They are withdrawn as a basis for a minimum acceptable deal. The $861.6 million figure is simply the sum of stated public framework ceilings before financing; it is not a replacement “all-in” estimate. When debt service includes principal, do not add that principal again to investment cost.

Likewise, rent and the tax offset are not “everything the public gets back.” Existing user fees, parking and other receipts require a net, restricted-versus-unrestricted analysis. Count opportunity cost explicitly rather than treating old public revenue recycled into the building as a new private contribution.

September 28, 2026: the asset table, the Exhibit D stream sums, the seven counting rules and the withheld-records list were restored to this page from the July balance sheet in descriptive form. They do not change the framework totals above, and the July page’s modeled splits, package floors and all-in totals remain withdrawn.

Download the current funding ledger CSV.