Portland seeks $800 million for new MLB stadium

A committee in the Oregon Senate discussed a bill aimed at funding a new Major League Baseball stadium in Portland. The proposal could allow the Portland Diamond Project to access up to $800 million in state bonds to build the ballpark along the South Waterfront. Supporters argue that the costs won't fall on Portland taxpayers. Instead, the bonds would be repaid through a new tax on the income of MLB players and staff. The goal is that once the bonds are paid off, the tax revenue will contribute to Oregon’s General Fund. Senator Mark Meek, who sponsors the bill, emphasized the potential economic and cultural benefits for the entire state. He believes that attracting an MLB franchise would enhance Oregon’s appeal and boost community engagement. The stadium design features a retractable roof and is planned for a location on the Willamette River. However, funding the entire project could require around $4.5 to $5 billion, including expenses beyond the bonds. Support for the project includes the Portland City Council, Mayor Keith Wilson, and various local organizations. Governor Tina Kotek expressed her backing, highlighting a unique financing approach to help bring MLB to Portland. While the state funding is significant, it still represents a small portion of the total investment needed for the stadium and a new franchise. The Portland Diamond Project continues to work on securing additional funding to move forward.