Get ready to see a lot more musical acts, crop tops and (mostly younger) people in Grant Park for at least the next decade of summers.
Chicago Mayor Lori E. Lightfoot announced July 31 that the iconic music festival Lollapalooza will be in Chicago for at least 10 more years with a possible five-year extension as C3 Presents and the City came to a terms agreement about the event, per a press release.
The annual four-day event has taken place in Chicago for the last 17 years. Since AngelouEconomics began tracking the economic impact of the festival in 2010, Lollapalooza has generated nearly $2 billion for the Chicago economy, contributing $305.1 million alone in 2021.
Key terms of the agreement include:
The contract will be in place for 2023 and run for 10 years through 2032 with C3 and Park District able to extend under the same terms for 5 years via mutual agreement.
Chicago Park District receives a share of all C3 revenue streams ranging from 5% to 20%, depending on total festival revenue. Revenue streams include admission, good and services within the festival, licensing sales, sponsorships, and streaming.
Formalized C3 $2.2 million commitment to Chicago Public Schools and additional capital funding for Chicago Park District for Grant Park Tennis Court renovation.
Festival to be held on the last weekend of July or the first weekend in August of each year during the term.
C3 guarantees a minimum payment to the Chicago Park District of $2 million if a four-day festival is held, $1.5 million if a three-day festival is held and $750,000 there's if no festival.
The maximum number of attendees for the festival at any time shall not exceed 115,000.
C3 will also provide annual reporting on items such as efforts to present local Chicago artists and hire minority and women-owned business subcontractors.
The agreement also codifies a commitment C3 announced last year for the Lollapalooza Arts Education Fund. The $2.2-million investment will support arts education for more than 100,000 students in Chicago Public Schools (CPS).
"Lollapalooza is not only a significant economic driver for our city, but a truly iconic Chicago summer festival," said Lightfoot. "I am thrilled to come to this agreement that will ensure Lollapalooza is here to stay for the next decadebringing music, culture, and joy to both residents and tourists for years to come. I thank C3 Presents and our partners who made this agreement and famous festival possible.