McKinney | May 2024

Government

BY SHELBIE HAMILTON

McKinney leaders to contribute land, over $50M in incentives to Sunset Amphitheater project

Diving deeper

The agreement lists the McKinney Community Development Corp. and the McKinney Economic Development Corp. as partners. The deal terms include: • A grant of $26 million to be used for parking infrastructure. • Partial reimbursement of the sales tax collected by the city for up to 16 years. • Partial reimbursement of the property taxes collected by the city for up to 16 years. The agreement, valued at about $50 million, also includes other reimbursements and waived fees. The deal also includes the $35 million project site, which currently owned by the MEDC.

Over $50 million in incentives are expected to be given to the developer of the Sunset Amphitheater, Colorado-based Notes Live, as the result of a development agreement approved by McKinney City Council members. The agreement was approved in a 6-1 vote at an April 16 meeting, with council member Justin Beller voting against the item. The Sunset Amphitheater, a $220 million open-air amphitheater with a 20,000-person capacity, was announced on March 12. The venue will be located on 46 acres at the northeast corner of US 75 and SH 121. The venue is expected to host a minimum of 45 shows per year, according to a presentation at the meeting. Bob Mudd, president and chief operating officer for Notes Live, said the company will work with either Live Nation or AEG as the operating partner for the venue. The estimated economic impact for the region totals $3 billion over the first 10 years.

$98M Estimated annual sales 55K Estimated annual hotel stays in Collin County 650 Jobs expected to be created

The impact

Despite the estimated $3.9 million in ad valorem tax revenue that is expected to be reimbursed, the city still expects to collect $4.4 million in property tax revenue from the project over 20 years. Estimated property tax revenue to other taxing entities over the first 20 years includes: • $2.9 million to Collin County • $1.6 million to Collin College • $22 million to McKinney ISD Construction on the project is expected to begin Aug. 1, with an estimated completion date of May 2026, according to city documents.

Parking

Concessions plaza

Amphitheater seating bowl

Artist compound and operations

SOURCE: CITY OF MCKINNEY/COMMUNITY IMPACT

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