FACILITIESPENDING

City, Rip City Management outline Arena Bridge deal

The City of Portland and Rip City Management LLC propose a long-term Bridge Agreement under which RCM will transfer Arena ownership to the City, continue exclusive operation of the Rose Quarter, and invest in capital projects with partial City reimbursement from user fees and parking revenues. The City will also purchase the Kosei Property from RCM over up to five years at a fair market value to be determined.

Document date · February 28, 2024

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TerraCycle logo
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WithersRavenel logo
Derivita logo
Comcate logo
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Scope & details

The full contract record, as filed.

Contract amount
$1.00 plus additional consideration (City Contribution of User Fees and Public Parking Garages revenues; Kosei Property purchase price to be determined)
Contract type
FACILITIES
Contract term
Initial Bridge Term from execution of Definitive Documents through October 11, 2030, with a single 5-year extension option through October 11, 2035
Renewal date
2035-10-11
Renewal
Bridge Agreement will include an Initial Bridge Term through October 11, 2030, with a single 5-year extension option to October 11, 2035 at RCM’s sole discretion if exercised at least one year before the Initial Bridge Term ends. Unused City Contribution funds remain available for two years after the end of the Bridge Term while RCM or its successor operates the Arena.
Document type
Agreement
Source document
City of Portland Agreement Proposed Terms for Arena Bridge Agreement 2024-02-28

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by Multnomah County Vector Control?

Rip City Management Llc was awarded this facilities contract by Multnomah County Vector Control, as recorded on February 28, 2024. The contract value is $1.00 plus additional consideration (City Contribution of User Fees and Public Parking Garages revenues; Kosei Property purchase price to be determined).

How much is the Rip City Management Llc contract with Multnomah County Vector Control worth?

The Rip City Management Llc contract with Multnomah County Vector Control is valued at $1.00 plus additional consideration (City Contribution of User Fees and Public Parking Garages revenues; Kosei Property purchase price to be determined), covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a agreement record.

Where was this contract approved?

This contract appears in City of Portland Agreement Proposed Terms for Arena Bridge Agreement 2024-02-28 (Agreement), dated February 28, 2024 from Multnomah County Vector Control. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Rip City Management Llc hold?

Rip City Management Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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What is Multnomah County Vector Control currently buying?

Explore Multnomah County Vector Control's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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