04 — State funding

The state of Oregon's funding commitment

In short: the state's $365M comes with no new taxes, but it isn't guaranteed, it's contingent on a signed 20-year lease, and the authorization expires at the end of 2026.

SB 1501 passed with broad bipartisan support and authorizes up to $365M in state bonds for the renovation. Here's exactly how it works, and what has to happen before a dollar moves.

How the state's funding mechanism works, and the deadline attached to it

Three things worth actually knowing about this money:

It's contingent on a signed 20-year lease between the Blazers and the city. No lease, no funds.
The authorization expires at the end of 2026. If the city and the team haven't reached a lease agreement by then, the $365M is off the table.
If a lease gets signed and work begins, none of this comes from new taxes.

On that third point: the state's share gets financed through bonds, repaid using wage withholding that already exists (or will exist) at the Rose Quarter: construction wages during the renovation, wages from Rose Quarter employers, and the jock tax collected from visiting teams. As Governor Tina Kotek said at the bill's signing: "there's no new taxes related to this." (KGW, Mar 31 2026)

Worth sitting with: none of that withholding exists without the renovation happening; the construction jobs don't exist without construction, and the payroll withholding doesn't exist if the team isn't here. The state built a repayment structure that only works if the deal actually goes through.