Ballpark
Financing
In
collaboration with city and state leaders, the Oregon Stadium Campaign has
worked to develop a financing plan for a new Portland ballpark that utilizes
only those public revenues that are generated in association with the existence
of an MLB team and stadium in Oregon. All parties have worked together to
complete a financing plan that can be embraced by both Oregonians and by Major
League Baseball.
 The City of
Portland's finance plan has been submitted to Major
League Baseball as part of a comprehensive document that also provides
updated ballpark site information and illustrates Portland's ability to support
an MLB team. The final ballpark agreement will include a long-term lease that
legally binds the franchise to Portland, as is now common
practice in Major League Baseball.
One piece of the financing plan
already secured is Senate Bill 5, the MLB Jobs Bill,
which authorizes the state of Oregon to allocate the new income tax revenue of
MLB players and team executives to finance approximately $115 million toward
the construction a new ballpark. The bill was amended from its original form to
remove any risk to the state and in its new form, actually requires entities
other than the state to issue and guarantee the bonds to be covered by the new
income tax revenue. |
