Portland, OR. — The Portland Metro Chamber is applauding the Oregon Senate after lawmakers advanced Senate Bill 1501, legislation aimed at supporting major renovations to Portland’s Moda Center, and is urging swift action from the House and governor to make the project a reality.
Portland Metro Chamber President and CEO Andrew Hoan praised the bipartisan vote, calling the measure an important investment in the state’s economic and cultural future.
“Today is a great day for the State of Oregon,” Hoan said in a statement. “We commend the Senators for their bipartisan, clear-eyed, and swift actions to invest in Oregon’s arena, the economic and cultural heartbeat of our state.”
Hoan also credited Senate President Rob Wagner and Sen. Kayse Jama Lieber for advancing the bill and said the project would help strengthen both Portland and the broader state economy.
“A more vibrant Portland means an economically healthier state of Oregon,” Hoan said. “We now call on the House and the Governor to take the ball from the Senate and make the layup by advancing the bill into law.”
SB 1501 authorizes the Oregon Department of Administrative Services to negotiate agreements to help oversee the ownership and operation of the Moda Center, the home arena of the Portland Trail Blazers and a major regional entertainment venue located in the Rose Quarter.
The legislation establishes an Oregon Arena Fund in the state treasury to support renovation, maintenance, and operational costs associated with the arena. The fund would be financed through certain tax revenues generated by activities in and around the Rose Quarter, including wages tied to arena operations, construction work, and performances at the venue.
Lawmakers indicated the state intends to issue debt instruments expected to generate about $365 million in net proceeds to support the renovation project.
Before debt can be issued, several conditions must be met, including confirmation that the Portland Trail Blazers remain in the NBA, agreements among the state, the City of Portland, and other public partners to establish a joint authority overseeing the arena, and long-term operating commitments from a management entity.
The legislation also requires quarterly reports to the Legislature detailing planning progress, expenditures, and revenues related to the renovation project.
If enacted, the bill includes an emergency clause, allowing it to take effect immediately upon passage. The measure now moves to the Oregon House for consideration before heading to the governor’s desk.
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