Multnomah County commissioners approved a resolution Thursday to set aside up to $101.6 million for renovations at the Moda Center, home to the Portland Trail Blazers.
The package includes approximately $88 million for the renovations and $13.6 million for maintenance spread over 20 years.
The Moda Center is 31 years old and has served as Portland's primary NBA venue throughout that span.
The resolution establishes a framework for formal discussions between the city of Portland and the Trail Blazers organization.
Trail Blazers owner Tom Dundon has said he will not pay for any renovations to the facility, a position that places additional pressure on public funding sources as negotiations proceed.
The entire $101.6 million commitment comes from public funds. The county board voted to approve the term sheet following hours of discussion.
With Dundon's position fixed, the city and county must address the funding gap as formal negotiations move forward.
The resolution's approval allows detailed talks to begin on the specifics of the renovation project and its final financial structure.
