Lollapalooza is giving Cook County a reason to rock.
Under a new deal, the music fest promoters are paying Chicago amusement taxes. That put an extra and unexpected $160,000 in county’s coffers, the Sun-Times reports
Lollapalooza received a tax break from both the city and county for seven years and wasn’t required to dole out 5% of its ticket sales, according to the paper.
The original deal, crafted before the festival drew thousands to Grant Park every August, relied on Parkways Foundations, the Chicago Park District’s not-for-profit fundraising group, to work as the middle man between Lollapalooza’s promoters, C3 Presents, and the park district, said officials.
In return, Parkways Foundation received millions from the music fest to beautify parks around the city.
Several county board members want to use the $160,000 to fund summer jobs for at-risk teens.
Cook County Board President Toni Preckwinkle refrained from revealing whether she will support that.
The proposal could come up for a vote this month.