Title
Consider/Discuss/Act on a Chapter 380, Grant, and Development Agreement by and among City of McKinney, Texas, McKinney Economic Development Corporation, McKinney Community Development Corporation, and 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: April 16, 2024
DEPARTMENTS: McKinney Economic Development Corporation (MEDC)
McKinney Community Development Corporation (MCDC)
CONTACTS: Michael Kowski, MEDC President & CEO
Cindy Schneible, MCDC President
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the Development Agreement.
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 Chapter 380, grant, and Development Agreement associated with this 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.
* This project - called the Sunset Amphitheater - represents a potential investment in the community of $220 million.
* It is estimated to bring over 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 was a joint effort by the city, the McKinney Economic Development Corporation, and the McKinney Community Development Corporation.
* The Sunset Amphitheater will serve as the flagship music venue for Notes Live and represents the largest venue among its locations.
* The venue will be designed to host major touring artists, focusing on creating...
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