Title
Consider/Discuss/Act on a Project Grant Application Submitted by Notes Live, Inc. (4B24-04) in an Amount of Three Million and NO/Dollars ($3,000,000.00) for Infrastructure Costs Related to the Construction of Sunset Amphitheater McKinney, a 20,000 Seat Outdoor Covered Amphitheater Located on 46 Acres Owned by the McKinney Economic Development Corporation Located at the Northeast Corner of U.S. 5 and State Highway 121 in McKinney, Texas. Total Requested is 1% of the Total Project Cost.
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
5A: Create Affordable Recreational and Cultural Arts Activities
for All Ages Throughout the City
MEETING DATE: May 23, 2024
DEPARTMENTS: McKinney Community Development Corporation (MCDC)
CONTACTS: Cindy Schneible, MCDC President
ITEM SUMMARY:
• In March of 2024, the City of McKinney reached a preliminary agreement with Notes Live, Inc., for the development of a 20,000-seat open-air amphitheater located on 46 acres at the northeast corner of U.S. 75 and S.H. 121.
• This item will consider the proposed infrastructure funding from MCDC for the project.
BACKGROUND INFORMATION:
• On March 12, 2024, the City of McKinney and Notes Live, Inc., announced that preliminary terms were reached to deliver a 20,000-seat open-air amphitheater.
• The project will be located on 46 acres at the northeast corner of U.S. 75 and S.H. 121.
• Total estimated investment by Notes Live in the Sunset Amphitheater McKinney project is $220 million.
• It is estimated to bring more than 1,300 direct and indirect jobs to the community and an economic impact of roughly $3 billion to the area over the first ten years.
• Bringing this world-class venue to McKinney is a joint effort by the city, the McKinney Economic Development Corporation, the McKinney Community Development Corporation and the City of McKinney.
• The Amphitheater will serve as the flagship music venue for Notes Live and represents their largest venue.
• The venue will be designed to host major touring artists, and creating an exceptional fan experience through upscale hospitality, crystal-clear sound quality, and spectacular outdoor views.
• The amphitheater will include luxury fire pit suites, a reserved seating area, and a landscaped grass berm, all under roof.
• Notes Live anticipates the project will be complete for the 2026 touring season.
FINANCIAL SUMMARY:
• The request is eligible for MCDC consideration under Section 505.152 of the Texas Local Government Code.
SUPPORTING DOCUMENTS:
• Application Packet
• Presentation