For all of us on the Lollapolooza prepare—we’re not getting it off of it anytime quickly.
Chicago Mayor Lori Lightfoot has introduced that the town’s long-running music competition, held yearly in Grant Park, will happen for at the least one other 10 years.
Lightfoot publicly referred to as Lollapalooza “not solely a big financial driver for our metropolis, however a very iconic Chicago summer season competition.”
The Chicago Tribune stories a contract between C3 Presents and the town of Chicago requires the Chicago Park District to obtain a share of all C3 income streams starting from 5% to twenty%, together with admission, items and companies, licensing gross sales, sponsorships and streaming. The deal additionally states that the utmost variety of attendees can’t exceed 115,000 at any time.
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The contract additionally reportedly requires organizers to rent minority and women-owned enterprise subcontractors, commit $2.2 million to Chicago Public Colleges and extra capital funding for Grant Park tennis courtroom renovation, and mandated competition dates over the past weekend of July or the primary weekend in August.
“I’m thrilled to return to this settlement that can guarantee Lollapalooza is right here to remain for the following decade—bringing music, tradition, and pleasure to each residents and vacationers for years to return,” Lightfoot added. “I thank C3 Presents and our companions who made this settlement and well-known competition attainable.”
Whereas the contract now mandates Lollapalooza keep in Chicago for at the least one other decade, it additionally reportedly presents the choice of a five-year extension. It’s estimated that Chicago will financial institution almost $4 billion from of the brand new deal. Based on metropolis officers, Lollapalooza has generated almost $2 billion for the town’s financial system since 2010, contributing $305.1 million in 2021, per CBS Chicago.