Lollapalooza will stay in Chicago for another 10 years, says Mayor Lori Lightfoot – NBC Chicago

Chicago’s most popular music festival isn’t going anywhere anytime soon.

As Lollapalooza neared the end of its fourth and final day on Sunday, Mayor Lori Lightfoot announced an agreement to keep the festival in Grant Park for at least 10 years.

An announced contract between C3 Presents, the company behind Lollapalooza, and the City of Chicago provides for the Chicago Park District to receive a share of all C3 revenue streams ranging from 5% to 20%, depending on the festival’s total revenue, according to A press release. Release.

Lightfoot called Lollapalooza “not just an important economic engine” for the city, but a “truly iconic Chicago summer festival.”

“…I am thrilled to reach this agreement which will ensure that Lollapalooza is here for the next decade, bringing music, culture and joy to residents and tourists for years to come,” she said in a statement. Press. “I thank C3 Presents and our partners who made this agreement and this famous festival possible.”

According to the terms of the contract, the maximum number of spectators for the festival at any one time cannot exceed 115,000.

Event organizers will also provide annual reports on things like efforts to feature local Chicago artists and hire minority and women-owned contractors, according to the press release.

Although the contract requires Lollapalooza to stay in Chicago for at least 10 years, it offers the possibility of a potential five-year extension. As part of the deal, it is believed that Chicago will see a future financial impact of nearly $4 billion.

Since 2010, the festival has generated nearly $2 billion for Chicago’s economy, according to economic development firm AngelouEconomics. In 2021 alone, Lollapalooza paid $305.1 million to the city.