Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Implementation Agreement with the City of McKinney for a Catalyst Project (Sunset Amphitheatre) Located at 2000 Gateway Boulevard
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: October 21, 2025
DEPARTMENT: City Manager's Office
CONTACT: Mark Houser, City Attorney
Jennifer Arnold, AICP, Assistant City Manager
RECOMMENDED BOARD ACTION:
* Staff recommends approval of the proposed resolution in an amount not to exceed $40M.
ITEM SUMMARY:
* Venu Holding Corporation (successor to Notes Live, Inc.) is developing the Sunset Amphitheatre, a new, state-of-the-art entertainment venue located within Reinvestment Zone No. 1, at 2000 Gateway Boulevard (Sunset Amphitheatre).
* The proposed Catalyst Project request is part of a broader public-private partnership designed to promote local economic growth, increase tourism, and enhance the City's entertainment and hospitality offerings.
* The City of McKinney and its economic development entities (MEDC, MCDC) previously approved a Chapter 380 Agreement with the developer (the VENU Agreement), outlining performance-based economic incentives tied to project completion and operation milestones.
* To fulfill certain financial obligations of the City under the VENU Agreement, participation by Reinvestment Zone No. 1 is requested through a companion TIRZ Agreement that provides a funding mechanism consistent with the TIRZ Project Plan.
* Consistent with the VENU Agreement and the approved TIRZ Project Plan, the proposed participation from Reinvestment Zone No. 1 in the Sunset Amphitheatre Catalyst Project is as follows:
o Up to $3M for the payment of roadway, water, and wastewater impact fees in FY26;
o Up to $6.5M for offsite roadway, traffic controls and related qualified public infrastructure costs associated with the Catalyst Project in FY26; and
o The passthrough of TIRZ...
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