Oregon lawmaker proposes raising MLB stadium bond to $800M with ‘jock tax’

PORTLAND Ore. (KPTV) – The push to bring a Major League Baseball team to Portland got a major show of support from Oregon’s legislature Thursday.

Democratic State Senator Mark Meek introduced an amendment asking the state to contribute five times as much as they originally signed on for back in 2003. The amendment would change the bond for the stadium from $150 million to $800 million. But the way the bond is written, none of that money would come from the pockets of everyday Oregonians.

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The bond would be funded by something called a “jock tax.” Meaning, the new baseball players and team executives would be footing the bill.

“How the bonding works is you take the players’ salaries, which have accelerated since 2003, and you aggregate that tax revenue and bond it over a 30-year period,” said Portland Diamond Project Founder and president Craig Cheek.

This new bond is not a done deal just yet, Cheek and the Diamond Project will go over the amendment to SB110 in a public hearing in front of the Committee on Finance and Revenue next Monday, then the committee is expected to vote on the amendment next Wednesday in a work session.

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