The Portland city council is set to vote tomorrow on an agreement with Timbers owner Merritt Paulson to convert PGE Park to soccer-only, and inveterate blogger Bojack notes something odd about the deal: The city would apparently hold off on issuing bonds to pay for the renovation until the construction is already complete, instead using a short-term line of credit to pay initial costs, then later deciding whether to pay them off with bonds or cash. Bojack says that as a result, “Portland taxpayers won’t get to see (or pass on) the terms of the mortgage until after the stadium project is finished” — and, more important, wouldn’t have the opportunity to file a petition challenge to the bonds, because the project would already be complete by then. Tomorrow should be an interesting city council meeting.
