A task force charged with evaluating Portland Beavers owner Merritt Paulson’s request for $85 million in funding for new and renovated Portland sports facilities is skeptical want to know if Paulson and his family (which includes Treasury Secretary Henry Paulson) will personally guarantee repayment of the bonds — not an unreasonable request, but one Paulson declined to address. We’re guessing he’ll need to formulate an answer if he ever wants to see the money.
A task force charged with evaluating Merritt Paulson’s request for $85 million in funding for new and renovated Portland sports facilities wants to know if Paulson and his family (which includes Treasury Secretary Henry Paulson) will personally guarantee repayment of the bonds — not an unreasonable request, but one Paulson declined to address.
Paulson is requesting the city spend $85 million on a renovation of PGE Park as a soccer-only facility and the construction of a new Portland Beavers (Class AAA; Pacific Coast League) ballpark. Paulson would spend $40 million to acquire an MLS expansion franchise as part of the deal.
It’s an uphill battle, to be sure: many in Portland government have bad memories of the last time the city spent millions on a renovation of PGE Park for the Bevos, when Portland Family Entertainment defaulted on city-issued bonds and stuck taxpayers with the bill. That’s why many in the city are eager to see whether Paulson and his wealthy family will personally guarantee any bonds issued by the city.
Paulson declined to address that issue, saying he didn’t anticipate failure. But in the long run that’s not an issue, and he’ll need to figure out how to address the question before negotiations continue on funding.
More from the Oregonian.
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