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Portland City Council today approved a six month extension to Portland Arena Management‘s development rights within the Rose Quarter.

The extension means Portland Arena Management and the Trail Blazers will continue to have exclusive rights to develop certain areas within the Rose Quarter. Portland Arena Management currently has exclusive development rights for two parking garages located across the street from Memorial Coliseum, the One Center Court building located between the Rose Garden and Memorial Coliseum, and certain aspects of Memorial Coliseum itself.

On May 24, the Portland Development Commission will come back to city council with a plan for phase one improvements to the district, including a financial plan, a community benefits agreement and a good neighbor agreement with the nearby Elliott neighborhood. The PDC also expects to have private partnerships identified in the athletic and outdoor industries, according to Scott Andrews, PDC chair. The city currently has $20 million in public money through the which expires in 2013.

Identifying private funding partners for the ambitious district project remains the largest unknown in the process. Commissioner Randy Leonard said he expects a more definite picture of private investment partners by May 2011 if he is to throw his support behind the district plan. He also said that he would be unlikely to approve another six-month extension of the development agreement in May if no progress has been made on a defined district plan.

“My skepticism remains on the commitments private parties will make to augment the $20 million we have,” Leonard said. “In May, that should be a critical part of this discussion. If the Blazers haven’t signed a deal by that time, I’m going to have questions about extending the development agreement another six months.”

The Trail Blazers remain the district’s most secure private investor; the basketball team in late 2009 presented a plan for , a mixed-use entertainment district. Now, Trail Blazers senior vice president of business affairs J. Isaac said they will follow Mayor Sam Adam’s lead on planning for the district.

“Jumptown was a starting point and today everyone still agrees this should be a vibrant mixed-use district,” Isaac said. “We originally thought restaurants and nightclubs would be something we’d address in phase one, but through the planning process the mayor has led, we’ve realized we need daytime clientele to develop restaurants and clubs. We’re working with the city and the PDC to come to an agreement on what should be here in the future.”