PORTLAND, Ore. -- Several Portland city bureaus and the Rose Quarter's two sports-operating entities are backing a "redevelopment agreement" for the city's longtime development question mark.
The agreement calls for:
The city of Portland, Rip City Management LLC (which, under the name Portland Arena Management, runs the Rose Garden and Veterans Memorial Coliseum) and the Portland Winterhawks hockey team to renovate the Coliseum for the use of the Winterhawks and other groups.
An extension of an operating agreement between the city's Office of Management and Finance and Portland Arena Management to the year 2024.
An assurance that the Portland Development Commission will operate the Coliseum if Portland Arena Management doesn't extend its own operating agreement beyond 2024.
A revenue sharing agreement that gives the Winterhawks the right to share in a percentage of parking revenue and Coliseum ticket fees until 2022. Those rights apply only after the revenue and fees exceed certain targets.
PDC to hold the right to take property, such as the nearby Benton Lot and East/West parking garages north of the Colisuem, without paying a cost for redevelopment.
A new Rose Quarter Event Parking District.
Portland's City Council will begin considering two ordinances on the proposals on Nov. 29. The meeting takes place at 3:30 p.m.
The Council and Rose Quarter stakeholders have worked on the issue for the past year.
The Portland Business Journal is a KATU News partner.