Title
Consider/Discuss/Act on the Third Amendment to Chapter 380, Grant, and Development Agreement by and among City of McKinney, Texas, McKinney Economic Development Corporation, McKinney Community Development Corporation, and VENU Holding Corporation, successor-by-name-change to Notes Live, Inc.
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: October 6, 2025
DEPARTMENTS: City Manager's Office
Legal Department
McKinney Economic Development Corporation (MEDC)
McKinney Community Development Corporation (MCDC)
CONTACTS: Paul Grimes, City Manager
Mark Houser, City Attorney
Michael A. Kowski, Jr., MEDC President & CEO
Cindy Schneible, MCDC President
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the Third Amendment to Chapter 380, Grant, and Development Agreement.
ITEM SUMMARY:
* On April 16, 2024, the City of McKinney approved a Chapter 380, grant, and Development Agreement with Notes Live, Inc. (the "Agreement"), 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. On October 15, 2024, the City of McKinney approved a First Amendment to the Agreement. On December 3, 2024, the City of McKinney approved a Second Amendment to the Agreement. This item will consider a Third Amendment to that Agreement (the "Third Amendment").
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.
* On April 16, 2024, the City of McKinney approved a Chapter 380, Grant, and Development Agreement with VENU.
* The Project is located on 46 acres at the northeast corner of U.S. 75 and S.H. 121.
* The Project - called Sunset at McKinney amphitheater - represents an investment of $220 million by VENU.
* The Project is estimated to bring ove...
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