Portland City Council Approves PGE Park Renovation For MLS Team

Portland City Council Has Approved A $31M Renovation Of PGE Park For New MLS Team

The Portland City Council yesterday approved a $31M agreement with Merritt Paulson to renovate PGE Park for his new MLS team, "clearing the way for Portland to become a two-major-league-sports city in 2011," according to James Mayer of the Portland OREGONIAN. The council "voted for the deal only after a majority of council members were assured that no taxpayer money was at risk." In a "provision that eased their worries, Paulson promises that if his company, Peregrine LLC, cannot complete the city-owned ballpark's reconstruction for any reason, he and his father, former U.S. Treasury Secretary Henry Paulson, will pay to finish it." Paulson will pay $8M in cash "upfront and an additional" $11.1M into the city's Spectator Facilities Fund as "prepaid rent to serve as a construction loan." The city will borrow $11.9M, "with repayment coming primarily from ticket taxes at PGE Park and Trail Blazers games." Paulson "agreed to cover all construction cost overruns and has committed to keeping the MLS team in Portland for the life of the contract, which runs through 2035." City Commissioner Amanda Fritz "cast the only no vote, saying she believes the agreement is the best possible deal for the city but still could put taxpayers at risk." The council last night also "approved a permit allowing Peregrine to enter the stadium to begin construction." Portland Timbers VP/Communications Chris Metz said that preliminary work is "being done now that will be halted before the start" of the season for the Triple-A PCL Beavers, the venue's current tenant. The reconstruction work "will resume in the fall and be completed in time for the 2011 MLS season" (Portland OREGONIAN, 2/4). 

READY FOR KICK OFF: The Timbers announced that they are "accepting season ticket deposits" for their inaugural MLS season. The ticket plan "will give priority access to 2010 Timbers full-season ticket holders." Fans who are "not purchasing 2010 season tickets can pay a $50 seat deposit and receive priority over other purchasers" (BIZJOURNALS.com, 2/3).