The Portland City Council approves a $31 million plan to renovate PGE Park for MLS.
The Portland City Council approved a $31 million plan to turn PGE Park into a Major League Soccer venue for the Portland Timbers by 2011.
Council members approved the agreement after being assured that no taxpayer money was at risk. In addition, Timbers owner Merritt Paulson says he and his father will pay to finish the renovation if Paulson’s Peregrine LLC is unable to complete the project for any reason.
Under the agreement, Paulson will pay $8 million in cash upfront and an additional $11.1 million into the city’s Spectator Facilities Fund as prepaid rent to serve as a construction loan. The city will borrow $11.9 million, with repayment coming primarily from ticket taxes at PGE Park and Trail Blazers games.
Paulson agreed to cover all construction cost overruns and has committed to keeping the MLS team in Portland for the life of the contract, which runs through 2035.
Read the full story at OregonLive.com.
{biztweet}PGE Park soccer{/biztweet}
