Proponents of the South Waterfront ballpark argue that taxpayers will not be responsible for repaying the bonds; instead, the burden will fall on the MLB team in Portland and visiting teams.
SALEM, Ore. — A significant committee in the Oregon Senate conducted a hearing on Monday regarding a bill that would allow the state to issue up to $800 million in bonds for the Portland Diamond Project to create a Major League Baseball park on the South Waterfront of the city.
The Portland Diamond Project has been working since 2017 to attract an MLB team to Portland, facing significant highs and lows along the way. Although there were moments when the initiative seemed stalled, the recent unveiling of a proposed 32,000-seat stadium with a retractable roof has revived interest.
The proposed stadium would be located on the western bank of the Willamette River, specifically on the Zidell Yards site. This former shipyard area spans 33 acres under the Ross Island Bridge, situated between Tilikum Crossing and the OHSU tram, making public transit an integral part of the stadium plan.
Constructing the stadium demands a substantial financial investment, which is where legislative support comes into play. Introduced to the Senate Finance and Revenue Committee, an amended Senate Bill 110 seeks to update a 2003 law that permitted up to $150 million in bonds for stadium construction.
If passed, the new legislation would increase the bonding limit to $800 million, with repayment over 30 years funded through a “jock tax.” This means that Oregonians would not be responsible for repaying the bonds; instead, the additional tax would apply to the salaries of the MLB team’s players and staff, as well as visiting teams.
Once the bonds are fully repaid, the tax revenues would be redirected to Oregon’s General Fund. Senator Mark Meek, D-Gladstone, the bill’s Senate sponsor, stated, “SB 110 is a bill that everyone should support… Bringing an MLB franchise to the city benefits not just Portland, but the state as a whole culturally and economically.”
