PORTLAND, Ore. (KATU) — The Portland Diamond Project is asking the Oregon Legislature for $800 million in bonds to help construct a professional baseball stadium in Portland.
The legislation builds on a 2003 bill, Senate Bill 5, which approved $150 million in bonds if Portland landed a team.
Oregon Sen. Mark Meek sponsored an amendment to the current bill, Senate Bill 110, that would increase the approved bonds by $650 million on Thursday.
The state is not legally obligated to fund the stadium beyond what is appropriated. The bonds would be paid back by the “jock tax.” The tax pulls funds from the income tax of both home and away players and team employees instead of using existing tax revenue or increasing taxes. The bill states that the bonds should be paid back in 30 years. After that, the tax revenue would be paid into the state’s general fund.
PAST COVERAGE: Portland Diamond Project seeks $800 million in bonds for new stadium
It also mentions that the funds may only be used to finance loan and interest payments, acquire and develop land, and design and construct the stadium. The funds cannot be used for operational costs, team expenses, or unrelated projects.
The bill also requires participation from minority, women, and veteran-owned businesses in the construction, furnishing, and operation of the stadium. The legislation would make Portland competitive with other MLB-hungry markets.
In 2024, legislators in Utah approved $900 million for developing a ballpark district in Salt Lake City. Nashville, Tenn., Montreal, Charlotte, N.C., and other cities are all vying for a potential expansion franchise.
MLB Commissioner Rob Manfred has not said when the league will expand. However, he has stated in the past that the league is interested and would like to begin the process no later than 2029.
The Diamond Project signed a sale agreement with Zidell Yards to make the 33-acre site on Portland’s South Waterfront the potential home of a new baseball stadium in Portland.
A public hearing on the bill took place Monday morning. Another public hearing to discuss additional amendments is scheduled for 8 a.m. on Wednesday.