Chicago's most popular music festival isn't going anywhere anytime soon.
As Lollapalooza neared the end of its fourth and final day Sunday, Mayor Lori Lightfoot announced an agreement to keep the festival in Grant Park for at least another 10 years.
A contract announced between C3 Presents, the company behind Lollapalooza, and the city of Chicago calls for the Chicago Park District to receives a share of all C3 revenue streams ranging from 5% to 20%, depending on total festival revenue, according to a news release.
Lightfoot called Lollapalooza "not only a significant economic driver" for the city, but a "truly iconic Chicago summer festival."
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"...I am thrilled to come to this agreement that will ensure Lollapalooza is here to stay for the next decade—bringing music, culture, and joy to both residents and tourists for years to come," she said in a news release. "I thank C3 Presents and our partners who made this agreement and famous festival possible."
Under the terms of the contract, the maximum number of attendees for the festival at any time can't exceed 115,000.
Event organizers will also provide annual reporting on items such as efforts to present local Chicago artists and hire minority and women-owned business subcontractors, according to the news release.
While the contract mandates Lollapalooza stay in Chicago for at least 10 years, it offers the option of a potential five-year extension. Under the deal, it's believed Chicago will see a future financial impact of nearly $4 billion.
Since 2010, the festival has generated nearly $2 billion for the Chicago economy, according to the economic development firm AngelouEconomics. In 2021 alone, Lollapalooza contributed $305.1 million to the city.