PORTLAND, Ore. – The Portland City Council has two weeks to review a newly revised $31 million PGE Park renovation deal struck Thursday between Mayor Sam Adams, Commissioner Randy Leonard and Timbers owner Merritt Paulson.

Under the revised plan, Paulson will contribute $8 million to the project and prepay $11.1 million in rent and ticket taxes. The city will borrow more than $11 million against the city's Spectator Facilities Fund, which comes from surcharges on city arenas, taxes on hotels and rental cars, and other sources.

Portland has been awarded an MLS franchise to start play in 2011.

Part of the agreement with Major League Soccer to get a pro franchise in Portland stipulates that the Timbers have a soccer-only venue in which to play. Background: Soccer saga

KGW-TV

PGE Park in Northwest Portland

The new plan for remodeling PGE Park for soccer would not involve tax hikes, but would have some sports-related fees. Currently, the Timbers and Beavers share PGE Park.

Commissioner Randy Leonard has publicly said he will support financing a PGE Park upgrade for the Timbers and was also committed to keeping the Beavers in town.

Officials said Thursday they were looking at a possible new site for a Beavers stadium among a list of others. A new site must be found by August 1.

The City Council could vote on the new proposal in about two weeks.