Portland Diamond Project seeks $800M in bonds for baseball stadium
2 min read
The Portland Diamond Project is asking the Oregon Legislature for $800 million in bonds to help construct a professional baseball stadium in Portland.
"MLB will be a part of the renaissance that we’re now charting in Portland," said Portland Mayor Keith Wilson.
The legislation builds on a 2003 bill, Senate Bill 5, which approved $150 million in bonds if Portland landed a team.
On Thursday, Oregon Sen. Mark Meek sponsored an amendment to the current bill, Senate Bill 110, that would increase the approved bonds by $650 million.
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.
MORE: https://katu.com/news/politics/portland-diamond-project-seeks-800m-in-bonds-for-baseball-stadium#
#mlb #majorleaguebaseball #oregonlegislature #baseball
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Author: KATU News
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News post in at: March 26, 2025, 3:00 am.
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