A letter of intent between Portland Diamond Project and the Port of Portland says the group hoping to bring Major League Baseball to Portland will pay the Port up to $1.5 million over the next two years while the they negotiate the development of Portland’s Terminal 2 property.
The 45-acre Terminal 2 site is located on Northwest Front Avenue, just north of the Pearl District. Portland Diamond Project hopes to build a state-of-the-art ballpark at the site and lure an MLB team to Portland.
The letter of intent was agreed to by the Port of Portland on Nov. 28. KGW obtained the letter through a public records request.
The two groups intend to reach a master development agreement for the site, according to the letter, but each group can opt out of the agreement with advanced notice. The Port can also terminate the agreement if Portland Diamond Project does not sign a ground lease for the site by Dec. 31, 2023.
The initial ground lease will be for 55 years, and Portland Diamond Project will have three opportunities to extend the lease for 10 years each.
Portland Diamond Project would pay the Port $900,000 per year while the site is developed.
In November, the group announced an agreement with the Port and released artist’s renderings of a stadium at the Terminal 2 site.
Photos: Portland Diamond Project stadium renderings
According to a group spokesman, the stadium would hold between 32,000 and 34,000 people.
Portland Diamond Project has said its goal is first pitch by 2022, but there has been no indication from MLB that it plans to move one of its current teams to Portland, or that it will create a new expansion team in the Rose City.