Latest news with #CraigCheek
Yahoo
18-04-2025
- Business
- Yahoo
Portland Diamond Project's stadium funding bill passes Oregon Senate
PORTLAND, Ore. (KOIN) – Major League Baseball is one step closer to sliding home in Portland after the Oregon Senate passed a bill that would grant funding to build a stadium in the city. The Portland Diamond Project and several city leaders have thrown their weight behind , which would allow lawmakers to allocate $800 million in funding toward the construction of a new ballpark. Independent Portland bookstore sees ramifications of nationwide funding cuts SB 110 builds on a pre-existing law from 2003, which set aside $150 million in financial support for the professional team that fanatics have urged for several decades. Instead of public funds, the bill's revenue source would be taxes charged to local and visiting baseball players and other organization employees. They would be expected to repay the bonds within 30 years. At the first public hearing for the measure, supporters contended that investing in an MLB team would also serve as an investment for the city as a whole. The Oregon Senate Committee on Finance and Revenue then earlier this month. With the official approval of the Senate, it now moves to the Oregon House. Port of Portland to vote on revoking DEI policies The Portland Diamond Project has advocated for a local franchise since its founding in 2017. The organization has already proposed the South Waterfront's Zidell Yards as the team's potential stomping grounds. PDP Founder and President Craig Cheek that ballpark's first opening day wouldn't be until 2028 or 2029. MLB Commissioner he hopes to begin the process of expanding the league with two new teams before his retirement in 2029. Stay with KOIN 6 News as we continue to follow this bill. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
24-03-2025
- Business
- Yahoo
Portland Diamond Project swings for fence in Salem
PORTLAND, Ore. (KOIN) — The road to bringing Major League Baseball to Portland goes through Oregon's Senate Finance and Revenue Committee on Monday as supporters step up to the plate to fund construction with a bid competitive with other cities. The pitch is not a curveball. The along with city leaders will throw their weight behind , which would to $800 million. The bill, if passed, and team employees instead of taxing Oregonians. Back in 2003, , which laid out $150 million in bonds if Portland was awarded an MLB team. But the bonds had to be paid back within 30 years — the Earlier in March, Portland Diamond Project founder Craig Cheek, Portland Mayor Keith Wilson and Metro Chamber President Andrew Hoan made a similar pitch to a House committee. 'We believe the state's support is critical for this project's success. We asked legislators to revisit SB5, originally passed in 2003, and update the law to better reflect the current revenue generated by players salaries and the rising costs to build a world-class stadium in downtown Portland,' 'This would not be a new tax on Oregonians. We look forward to working with the legislature to make Oregon better with baseball.' Last week, Cheek said this is an opportunity that may not come around again for decades since Major League Baseball is currently trying to add two new teams. 'We know Major League Baseball is eyeing up an expansion plan in the very near future,' Cheek said. Getting the amendment added to Senate Bill 110 is one of 'the steps that are necessary to put very serious dollars on the table to attract a team to downtown Portland, Oregon. All I can say is that this will be transformative for our city, for our region, for our state, for our community.' Cheek, Wilson, Hoan and local economist Mike Wilkerson are expected to testify to the Senate committee on Monday. The hearing begins at 8 a.m. In early March, the Portland Diamond Project released renderings of a proposed ballpark at the current site of Zidell Yards on the South Waterfront in direct proximity to the Willamette River. Portland is considered a strong contender for an MLB team. Other strong contenders include Salt Lake City, Nashville and Montreal. KOIN 6 News will continue to follow this story and have more information later in the day. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
