Government
McKinney council signs off on CJ Cup extension
McKinney authorizes $9.4 million for Sunset Amphitheater fees City officials are committing $9.4 million from McKinney’s Tax Increment Reinvestment Zone 1 to the upcoming Sunset Amphitheater project to meet financial obligations under an economic development agreement with Venu. McKinney City Council members approved the agreement during an Oct. 21 meeting after TIRZ board members approved funding the same day. The overview The $9.4 million is being appropriated from the city’s TIRZ fund in order to pay for impact fees and offsite infrastructure improvements. The agreement also authorizes up to $30.6 million to pass through TIRZ-captured revenues and go back to the developer. What that means is that a portion of revenues
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The city of McKinney is extending its agreement with the Salesmanship Club of Dallas to continue hosting the CJ Cup Byron Nelson golf tournament through 2030. The gist McKinney City Council members approved a resolution authorizing the extension in October. The new agreement also includes an option to further extend the tournament by another three years. The details Under the extension agreement, McKin- ney will continue providing police and fire services for the tournament.
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generated on the Sunset Amphitheater property would go back to pay Venu instead of to the TIRZ fund, Assistant City Manager Jennifer Arnold said. “What this does is it helps to draw down on some of the obligations that the city would other- wise have to foot the bill for,” Arnold said. That funding will be appropriated annually through fiscal year 2041-42 and will be capped based on actual tax revenues generated, according to a city document.
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