Chicago Park District & Parkways Foundation Extend Lollapalooza Agreement for 10 Years
Extension Expected to bring $12.3 Million to Chicago Parks
Release Date: 12/22/08
The Chicago Park District has sealed an agreement with its non-profit partner, Parkways Foundation, and C3 Presents to bring the annual three-day Lollapalooza music festival to Chicago’s Grant Park for the next 10 years.
“We’ve had a fruitful relationship with the Lollapalooza festival, and during these challenging economic times, we are always looking for creative revenue sources,” said Tim Mitchell, Chicago Park District General Superintendent and CEO.
The Lollapalooza festival has generated more than $4 million for city parks since 2005. Based on the festival’s initial success, the Chicago Park District and Parkways Foundation signed a five-year contract with Lollapalooza in 2007 that was projected to bring a total of at least $5 million to Chicago’s parks. After this summer’s sold-out festival, the agreement was extended to 10 years and is expected to bring a minimum of $12.3 million to benefit Chicago’s parks.
If Chicago is selected as the host city for the 2016 Olympics, the festival will skip a year, and the term of the agreement will be extended until 2019.
Parkways will receive the greater of an annual guarantee, or 10.25% of the festival’s gross revenue, plus 8.5% of festival’s sponsorship revenue. The guarantee will total $12.3 million.
“We look forward to continuing to invest into our parks through the partnership with Lollapalooza. The festival has already supported capital projects and launched new programs throughout the city,” said Brenda Palm, Parkways Foundation Executive Director.
Parkways Foundation has invested funds from Lollapalooza towards a variety of Park District projects including:
-A new soccer field at McKinley Park, 2210 W. Pershing Rd.
-Buckingham Fountain Restoration Project
-Community Gardens in the Parks Grant Program
-Inferno Mobile Recording Studio, a mobile studio that records original stories, poetry, songs, raps and more
-A new signature playground at Washington Park
-Alvin Ailey Dance Camp, a six-week summer camp that teaches poetry, self expression and dance
-Summer camp and after-school scholarship programs
-Downloadable self-guided audio tours of historic parks, including Humboldt Park
About the Chicago Park District
The Chicago Park District oversees more than 7,600 acres of parkland, 570 parks, 26 miles of lakefront, 10 museums, two world-class conservatories, 16 historic lagoons, nearly 50 natural areas, and thousands of special events, sports and entertaining programs. Visit www.chicagoparkdistrict.com or contact the Chicago Park District at 312.742.PLAY or 312.747.2001 (TTY).
About Parkways Foundation
Parkways Foundation is the philanthropic partner of the Chicago Park District. Since its inception in 1994, Parkways Foundation has been funding park projects in Chicago’s underserved neighborhoods. The foundation has raised millions of dollars toward historic preservation and restoration, programming initiatives and environmental enrichment. For more information about the Parkways Foundation or to make a donation, please visit www.parkways.org.
- Contact Phone: 312 742 7529