Council Budget Talks Highlight Tension Over Proposed PCEF Moda Center Investment - Portland Mercury

"If Mayor Keith Wilson wants to allocate clean energy fund dollars to renovate the Moda Center, he'll have to go through Portland City Council first. And it's not clear if they're going to let him."

"In total, the city of Portland-which owns the Moda Center-would be expected to invest more than $400 million in the renovation. The mayor proposed that $75 million of that could come out of the Portland Clean Energy Community Benefits Fund (PCEF)."

"PCEF was adopted by voters in 2018 as a 1 percent tax on purchases at big businesses in Portland to fund local carbon reduction and climate justice projects. The program has proven more financially lucrative than initially anticipated, raising about $200 million a year. As other city programs face budget shortfalls, PCEF has become one of Portland's most alluring pots of money."

"Climate advocates say the fund should remain focused on its initial, important mission, as the region grapples with the increasingly dire effects of the climate crisis. Plus, the program's funds are mostly spoken for, at least through the next few years. PCEF's Climate Investment Plan lays out $1.6 billion in spending through 2029, most of which is already"

Portland Mayor Keith Wilson seeks Portland City Council approval to allocate $75 million from the Portland Clean Energy Community Benefits Fund toward renovating the Moda Center. The city, which owns the arena, is expected to invest more than $400 million in total. Wilson’s commitment has grown alongside Governor Tina Kotek’s support, despite backlash from constituents and other Portland leaders. Some council members support using city funding, while others oppose it, especially the idea of redirecting PCEF money. PCEF was adopted in 2018 as a 1% tax on purchases at large businesses to fund carbon reduction and climate justice projects, generating about $200 million annually. Climate advocates argue the fund should stay aligned with its original mission, and much of its spending is already allocated through 2029.

Read at Portland Mercury