City agrees to buy Moda Center, land for $7.13 million, plans 'major renovation'

PORTLAND, Ore. (KOIN) — The Portland City Council unanimously approved the city’s purchase of the Moda Center, and a parcel of land located within the Moda Center for $7.13 million at Wednesday's city council meeting.

The purchase is part of a five-year bridge agreement between the City of Portland and Rip City Management, LLC — the “sister company” of the Portland Trail Blazers. Rip City Management and the Portland Trail Blazers are both owned by the estate of Paul G. Allen.

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