The final financial deal is not without some risk
to the City of Portland's general fund, but this afternoon Mayor Sam Adams and three city commissioners
said they would support the terms of the renovation project at PGE Park for Major League Soccer.
Adams and Commissioners Randy Leonard, Nick Fish and Dan Saltzman have all said they'll vote "yes" next week when the $31 million project goes before them for a vote,
which nearly brings to an end this 18-month saga. (Or, at least, the soccer part of that saga; the Portland Beavers remain homeless after the 2010 season.)
During the lengthy council discussion this afternoon, City of Portland representatives said:
• Timbers owner Merritt Paulson is still working
with Providence Health Services to finalize their deal on the operation of the new sports medicine clinic at the stadium. Once that's finished, it will go before City Council at a later date. But, as it stands now, all the costs of that clinic will be shared by Paulson and Providence.
• Paulson has accepted a completion agreement,
meaning he won't leave the project unfinished even in the event of something disastrous, like the bankruptcy of a contractor.
• Portland will maintain some control over the naming rights of the stadium
but will not get any of the money. "Peregrine shall collect and retain all revenues from whatever source, including but not limited to, Ticket Revenue, and from Naming Rights and Stadium Agreements," the new deal says. "The Stadium Naming Rights may be conveyed to a business (but not an individual or political entity), but may not be to a business associated with or that connotes: tobacco products, gun manufacturers or businesses whose primary business is selling guns, gambling, gambling facilities or sexual products.
The Stadium Naming Rights may be conveyed to a business associated with or connoting alcohol products, but only with the prior approval of the City in its sole discretion. The name may include the name of a state, but not the name of a city of more than 1,000 residents in Oregon or Washington, except for the name Portland."
The documents are all currently at the bottom of this agenda,
although the links tend to disappear by the end of the week.