Title
Conduct a Public Hearing and 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: April 25, 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 ...
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