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Senate approves bill to fund Moda Center renovations, with taxpayer safeguards
Summary
The Oregon Senate passed SB 1501 to create the Oregon Arena Fund and authorize debt to support a ~ $365 million renovation of the Moda Center, while adding guardrails requiring a joint authority, city/county commitments and a 20‑year anchor-tenant lease before bonds are sold.
The Oregon State Senate voted to pass Senate Bill 15‑01 B on March 4, authorizing the creation of an Oregon Arena Fund and laying groundwork for state participation in a renovation of the Moda Center (the Motor Center) in Portland.
The measure establishes a dedicated fund to receive certain tax revenues, authorizes procedures for issuing bonds intended to yield roughly $365,000,000 in net proceeds for construction and renovation, and appropriates $1,500,000 from the general fund for legal, consulting and project management work related to forming a joint authority to own and operate the arena. The bill also earmarks…
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