Portland Approves $120M For Blazers' Moda Center Renovation

The Portland City Council approved $120 million in funding on Wednesday to renovate the Moda Center, a key step in efforts to keep the Portland Trail Blazers in the city long-term. The council passed a non-binding term sheet by an 8-4 vote. An amendment attached to the measure would require the Blazers to pay approximately $3.1 million in annual rent. The vote represents the final piece of a monthslong process to secure arena financing, though it does not guarantee the team remains in Portland...