The 20,000-person capacity Sunset Amphitheater planned for McKinney will receive approximately $26 million in public funding, which could total $100 million with tax breaks over the next 20 years.
The city of McKinney announced the project is set to receive around $18 million in incentives from the city, along with $5 million in grants from the sales-tax-funded McKinney Economic Development Corp. during the construction phase. An additional $3 million will also be granted from the McKinney Community Development Corp.
According to The Dallas Morning News, the city's $18 million incentives are contingent upon the establishment of a tax increment reinvestment zone (TIRZ), subject to the city's discretion. Upon completion of the project, it is anticipated that the assessed value of the land will rise, resulting in higher property taxes for the property owners. The revenue generated from these increased taxes will contribute to repaying the city.
The amphitheater, planned for the northeast of the junction of U.S. 75 and S.H. 121., is slated to commence construction in late 2024 and be completed in time for the 2026 concert touring season.
Spanning 46 acres, the project will feature more than 250 deluxe fire pit suites, along with traditionally reserved seating in the mid and lower bowl sections, a landscaped grass berm and exclusive owners club suites.
“This world-class music venue is a game-changer for our entertainment offerings in McKinney and will be a boon for our economic growth and tourism sector,” Mayor George Fuller previously said. “This new addition to our community will bring even more life and energy to our already thriving arts scene and undoubtedly continue to set McKinney apart as an entertainment and cultural hub in the region.”
Projections suggest the Notes Live project will generate more than 1,300 jobs, both directly and indirectly, and is anticipated to inject approximately $3 billion into the local economy within the initial decade of operation.
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