Live Nation is setting its sights on Plano, TX, for a new music festival that could make its annual debut as early as 2012....

Live Nation is setting its sights on Plano, TX, for a new music festival that could make its annual debut as early as 2012.

City officials reportedly are nearing an agreement with the company, which hopes to bring some of its top musical talent to Plano’s sprawling Oak Point Park. Comedic acts reportedly would also be featured at the two-day event.

“We want to scale back the festival the first year and only have 25,000–30,000 people per day for two days,” Amy Fortenberry, Plano director of parks and recreation, told the Plano Star-Courier. “Over time, as we get the traffic patterns down, then we would grow the festival in size.”

City officials believe the festival could have a positive economic impact of $2.5 million to $3 million on the city.

The plan is to hold the first festival in spring 2012, but Live Nation may wait an extra year to make sure it can stock the event with a strong lineup.

Steve Parry, CEO of Plano-based ticket brokerage Golden Tickets, told TicketNews that Plano already has a “grand tradition” of hosting outdoor festivals, including the Plano Balloon Festival and the civic-oriented Plano International Festival.

Both events draw thousands of people to the city each year, Parry said, so he has high hopes for the proposed festival. It could be a boost to the local economy and a promising opportunity for area ticket brokers, he added.

Danny Eaton, senior vice president in charge of Live Nation’s Dallas office, told the Star-Courier that the festival will have one main stage and two smaller ones. Ticket prices have not yet been disclosed, but Eaton said he hopes to keep prices low enough to attract large crowds.

Located in the Dallas-Fort Worth metropolitan area, Plano is considered an up-and-coming city in the state and has a population of about 260,000.

Plano is roughly 200 miles north of Austin, TX, which hosts the popular Austin City Limits Festival. Launched in 2002, the three-day event draws approximately 70,000 attendees per day.