Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2025-2026 Annual Budget to Provide Funds for the Sunset Amphitheatre Project
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: September 16, 2025
DEPARTMENTS: City Manager's Office
Legal Department
Financial Services, Budget
CONTACTS: Jennifer Arnold, Assistant City Manager
Mark Houser, City Attorney
Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Approve Ordinance.
ITEM SUMMARY:
* This ordinance amends the Fiscal Year 2025-2026 Annual Budget to provide funding for the Sunset Amphitheatre Project.
BACKGROUND INFORMATION:
* 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 Sunset Amphitheatre Project 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.
* The proposed budget amendment helps to support the financial obligations of the City under the VENU Agreement.
FINANCIAL SUMMARY:
* This ordinance amends the Fiscal Year 2025-2026 Annual Budget to provide funding for the Sunset Amphitheatre Project by appropriating $9,400,000 in the TIRZ 1 Fund pursuant to the Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement for the Sunset Amphitheatre Project considered by the TIRZ Board on October 21, 2025 (TIRZ Agreement).
*...
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