Trail Blazers President Dewayne Hankins declared the team "committed to Portland" on Tuesday, Sept. 29, while calling the December deadline to finalize a Moda Center lease "a huge, huge hurdle."

Hankins spent about 17 minutes fielding reporters' questions at the team's annual media day, The Oregonian reported. He pushed back on speculation that the franchise is running out the clock on negotiations, saying the Blazers are meeting with city officials at least twice a week.

Hankins said the team is committed to a deal that works for ownership and for public partners, and that the franchise is doing everything it can to stay in Portland. He said the mayor recently asked the team to meet every day the city is open, and the Blazers would make time if needed.

Nearly $600 million in public money rides on the outcome. A Moda Center renovation hinges on a new 20-year lease between the city and Rip City Management, the Blazers' arena operator. The state committed $365 million in bonds under Senate Bill 1501 (SB 1501).

Multnomah County has pledged up to $101.6 million. Portland City Council voted 8-4 on Aug. 12 to approve a term sheet committing $120 million. Under the city's adopted Resolution 37750, formal lease documents must come back to council by Dec. 31.

Owner Tom Dundon, who completed his $4.25 billion purchase of the franchise in March, pledged to sign a 20-year lease if taxpayers funded the renovation. But negotiations have been slow.

Mayor Keith Wilson said on Friday, Sept. 25, that talks had "turned a corner" yet remained "halting," and he called on the Blazers to "show up in a more robust manner," KGW reported.

One sticking point is the "first-class standard" clause in the existing bridge lease. It requires Rip City Management to maintain Moda Center "in a first-class manner" and fund repairs and improvements. If the Blazers leave Portland, the city could sue for the cost of upgrading the arena.

Hankins said an unnamed city council member used the clause "as a weapon" during a council meeting, calling the moment "challenging."

He acknowledged the mayor had said the city would not invoke the clause unless the team relocates, but said the pressure complicates talks.

On the December deadline, Hankins did not minimize the challenge.

"It's a huge, huge hurdle … we're all working to define what the document is that needs to be ready to release the bonds for state funding in December," he said.

Wilson noted on Friday, Sept. 25, that a final agreement requires drafting roughly 1,500 pages of legal documents. PCL Construction, a Canadian firm, has been selected as the renovation contractor, with Wilson saying 90% to 95% of the labor will be local.

Moda Center opened Oct. 12, 1995, and transferred to city ownership in 2024. The current bridge lease expires Oct. 11, 2030. Under SB 1501, the state cannot issue bonds unless the arena authority has a binding 20-year lease commitment and the city and county have made binding financial commitments.

Formal documents are due before City Council by Dec. 31.