Public / Private Deal Struck for Coliseum
The 52-year-old Veterans Memorial Coliseum is likely set to be renovated. A $31.5 million dollar funding agreement has been proposed and will be voted on by the Portland City Council next week. The Portland Development Commission would spend $17.5 million and loan the city $4.4 million while the Portland Winterhawks would kick-in $10 million dollars.
Mayor Sam Adams who's exits his post December 31st considers the Coliseum a major project he had hoped to get settled before his term expired.