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.
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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.
