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Portland City Council, Timbers Agree On Deal For $50M Expansion Of Providence Park

The Portland City Council last night approved a new deal with the Timbers that will "exempt the team" from about $5M in ticket taxes in exchange for the club investing $50M in a stadium expansion "projected to add 3,000 to 4,000 seats to Providence Park," according to Jessica Floum of the Portland OREGONIAN. That represents a "change from an earlier tax break agreement" that would have cost the city $2M in "foregone ticket taxes over a longer period of time." The added seats are "expected to net the city" up to $5M in taxes by '38. The city asked the Timbers to "switch from a 10-year tax exemption it had granted the club in May to a seven-year exemption so that the city could ensure the team would resume tax payments" by '26. Currently, taxes and fees from Trail Blazers games and "related parking ticket sales" make up about 40% of the Portland Venue Activities Fund's revenue. But fund Manager Susan Hartnett noted that lease agreements with the NBA team are "set to expire" in '25, and she said that the "uncertain nature of the Trail Blazers' post-2025 deal inspired the city to secure the future revenue from Timbers owner Peregrine Partners." City officials said that although the new tax break is about $3M "more in the near term, it will result in the Timbers paying higher taxes" after '25 (Portland OREGONIAN, 6/22).

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