Portland City Council approves $120 million for Trail Blazers' arena renovations

The Portland City Council voted 8-4 on August 12 to approve a term sheet for renovations to the Moda Center, committing $120 million to the project. This agreement initiates high-stakes negotiations for a new long-term lease that could total up to $275 million for maintenance over 20 years. The deal aims to secure the Trail Blazers' presence in Portland, with the council seeking $3.2 million in annual rent and other fees. While the vote marks progress, further negotiations are expected, with a final vote on the lease anticipated in December.

• 1:45 AMYahoo Sports — Trail Blazers' Moda Center Battle Takes Major Step After Crucial City Vote