“The City Council has approved financing $60 million to lure a Major League Soccer franchise to Portland, but hasn’t resolved how to raise a quarter of the money. The $60 million would go to renovating PGE Park to meet MLS specifications, and building a new ballpark for the Portland Beavers, the city’s Triple-A baseball team.”

Major League Soccer is expected to choose two expansion teams by March 19. Four cities are in the running: Portland, Vancouver, Ottawa and St. Louis.

Merritt Paulson, son of former Treasury Secretary Henry Paulson, would pay $40 million for the franchise and contribute $12.5 million toward construction. He also pledged to raise $11.8 million from other sources.

Part of the package had involved using $15 million in tax revenue expected from an urban renewal district. On Wednesday the council took the district out of the deal.

Paulson said after the marathon meeting that he was concerned about the $15 million “hole” in the proposal, and whether the MLS would hold that against Portland when making a decision.

“We’re still moving ahead,” he added.

A citizen’s task force recommended the financing proposal, which was necessary to demonstrate the city’s commitment to an MLS team.

Mayor Sam Adams and commissioner Randy Leonard both supported Paulson’s effort and worked to craft a plan that would not use money from the city’s general fund.

“It’s a tough economy and now is the time for us to take smart risks and plan for the future of Portland,” Adams said.

Paulson currently owns the Beavers and the Portland Timbers, a United Soccer League team on level below the MLS. Both teams play at PGE Park. Part of the MLS requirement for a franchise is a dedicated soccer stadium, which means the Beavers would need to find a new home.

The meeting was attended by some 100 Timbers fans, many wearing green and white scarves. After the meeting, one fan asked Paulson to autograph her scarf.”

Image via OregonLive