In collaboration with city and state leaders, the Oregon Stadium Campaign has worked to develop a financing plan for a new Portland ballpark that utilizes only those public revenues that are generated in association with the existence of an MLB team and stadium in Oregon. All parties have worked together to complete a financing plan that can be embraced by both Oregonians and by Major League Baseball.
The City of Portland’s finance plan has been submitted to Major League Baseball as part of a comprehensive document that also provides updated ballpark site information and illustrates Portland’s ability to support an MLB team. The final ballpark agreement will include a long-term lease that legally binds the franchise to Portland, as is now common practice in Major League Baseball.
One piece of the financing plan already secured is Senate Bill 5, the MLB Jobs Bill, which authorizes the state of Oregon to allocate the new income tax revenue of MLB players and team executives to finance approximately $115 million toward the construction a new ballpark. The bill was amended from its original form to remove any risk to the state and in its new form, actually requires entities other than the state to issue and guarantee the bonds to be covered by the new income tax revenue.