Portland Construction Jobs through Stadium Renovations
The move of a local soccer team to the major league will help create Portland construction jobs.
The City of Portland recently announced that it has reached a final agreement with Peregrine Power, LLC to renovate PGE Park and upgrade the Portland Timbers to a Major League Soccer franchise. That move will help create local jobs in the construction industry and continuing revenue, visitors and vital spending.
"I'm confident that this agreement will serve Portlanders now and for years to come," Mayor Sam Adams said. "We will put construction workers back to work right away, and in the long‐term, MLS represents a smart investment in Portland's future success. Building on the Northwest's long‐standing soccer heritage, we can bring Portlanders together around another great sports team."
City officials worked with Peregrine to ensure the public-private partnership would uphold Portland's commitment to supporting entrepreneurship in the business community and better shield residents from financial risk.
The agreement promises that the project will not impact the city's general fund, will not impact the city's ability to provide basic services and will not receive any Urban Renewal funding.
"It has been a long and tough negotiation to achieve an agreement with adequate safeguards for the city, but the protections for the city in this deal are unrivaled by similar agreements around the country," Portland City Commissioner Randy Leonard said. "The next phase immediately delivers much needed family wage jobs to our city, and lays the foundation for a long and fruitful relationship between the citizens of Portland and its new Major League Soccer franchise."
Portland's contribution to PGE Park, which is LEED Silver certified, will primarily be financed through private investment and revenues from sports spectators. The private investor has guaranteed the city will receive projected revenue, even if the new franchise or the league fails. In addition, it is guaranteed the city will receive operating revenue and the team will stay in Portland for 25 years.
Once renovated, PGE Park also will be used by Portland State University's football program and the general public for community events.