Portland City Council took a major step toward approving $120 million toward renovating Moda Center.Tom Dundon bought the Portland Trail Blazers for $4.25 billion in April and the threat of relocation has hung over the city ever since.Moda Center has hosted the Trail Blazers since 1995GettyLocal lawmakers hope a $600 million facelift for the team’s ageing arena will persuade Dundon to stay put.With the $101 million approved by Multnomah County last week and $365 million from the state, around $586 million has been pledged for improvements to the 30-year-old arena. The City Council term sheet, which needs to be formally ratified, includes a binding 20-year agreement requiring the Trail Blazers to play all home games at Moda Center.“We appreciate today’s actions and acknowledge there is still meaningful work ahead as we continue negotiations,” Trail Blazers president Dewayne Hankins said Wednesday. “Our goal remains the same: to reach a deal that allows the Trail Blazers to succeed on the court and as a business, supports a thriving Portland economy and creates a path for the team to remain in Portland for decades to come.” It is a significant step, but the real work may yet be to come.Portland Mayor Keith Wilson said: “I’m grateful to my colleagues on the Portland City Council for approving this initial term agreement, which allows us to begin the hard negotiation work needed to secure a fair deal that benefits the City of Portland, the Trail Blazers, and our community.“The State of Oregon has already committed more than two‑thirds of the capital funding required to renovate the Moda Center – a city‑owned asset – and keep it a world‑class venue. Now it’s up to us to work with our negotiating team and bring this across the finish line.”The term sheet pledges funds for maintenance, while seeking $6 million in annual payments from the team.Lawmakers want the franchise to produce more public benefits and pay $3.2 million in yearly rent — an increase from the $2 million originally discussed — as well as a $3 million payment in lieu of property taxes.“Our job today is to put our best foot forward and to make sure that the league and the owners and everybody knows that we are at the table to be a serious partner and keep this team,” said Councilor Eric Zimmerman, who voted in support.The Portland Fire also use the venueGettySome decision makers are fuming at the terms of the dealGettyThe measure passed with an 8-4 vote, and opponents are voicing conerns.“This is still the worst deal in the country,” said Councilor Angelita Morillo. “The public is getting fleeced.”Councilor Mitch Green said in his weekly newsletter to District 4 constituents: “The term sheet as unamended is a very bad deal for Portland. Historically bad. “We’ll go down in history as setting the standard on how to work over a city. Portland deserved so much better than this.’’Kansas City wants the Trail BlazersDundon will likely use the threat of relocation, with Kansas City emerging as a potential site, to negotiate team-friendly terms.Among the city’s demands is a labor-harmony agreement that assures union workers will be employed. NBA's GreatestGreatest NBA players in the world right now – from Luka Doncic to Spurs phenom Victor WembanyamaBest players in NBA history to never win a championship – James Harden and Carmelo Anthony to Allen Iverson and Karl Malone10 richest owners in the NBA – family empires, media moguls and investment gurusMichael Jordan’s top 10 scoring games – counting down MJ’s most extraordinary totalsA Blazers official said via the New York Times, “All these asks cost us money.”The current lease expires on October 11, 2030 and talks are expected to go on for the rest of the year with a real chance the Trail Blazers leave the city that has housed the franchise since the 1970 expansion.