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The deal includes a ten-year extension of Lollapalooza in Chicago’s Grant Park with an estimated future financial impact of nearly $4 billion for the Chicago economy 
CHICAGO – Mayor Lori E. Lightfoot today announced that Lollapalooza will be in Chicago for at least ten more years with a possible five-year extension as C3 Presents and the City came to a terms agreement about the event. The annual four-day event has taken place in Chicago for the last seventeen 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. Lollapalooza continues to be one of the largest and most iconic music festivals in the world and one of the longest-running in the United States.  
"Lollapalooza is not only a significant economic driver for our city, but a truly iconic Chicago summer festival," said Mayor Lightfoot. "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. I thank C3 Presents and our partners who made this agreement and famous festival possible." 
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 4-Day festival is held, $1.5 million if a 3-Day festival is held, and $750,000 if no festival is held.  
•    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.  
“There are now a total of eight Lollapaloozas on four continents, but Chicago remains the center of the Lollapalooza universe,” said Charlie Walker, Partner at C3 Presents and Producer of Lollapalooza. “With the world's best artists, amazing fans, and our incredible partners in the city of Chicago, we are excited to continue to deliver an unmatched festival experience in Grant Park for the next decade.” 
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). The world-class music festival will partner with Chicago's leading arts education institution, Ingenuity, to distribute funding for transformative arts programs to CPS schools with the least amount of arts access. The investment is planned for distribution between 2022 and 2026 and is intended to close the gap in arts education. C3 plans to partner with Ingenuity's Creative Schools Fund, which will administer and distribute the funds directly to schools. This program will target Chicago neighborhoods, where 105,000 predominantly Black, Latinx and low-income CPS students do not have access to the arts. 
“We are thrilled and grateful that this arrangement will greatly strengthen our renewed commitment to exposing all students to the arts,” said CPS CEO Pedro Martinez. “While the world may already know about the great entertainment that Lollapalooza brings to our city, they will soon see that this partnership also elevates and nurtures the creativity and skills of our young Chicago artists.” 
In 2021, the festival directly generated more than $4 million in taxes for the City. The festival generated $7.8 million in fees for the Park District in 2021, which supports parks and programs citywide. 
“Lolla is back! We could not be more excited to announce the Park District, the City, and C3 have reached a solid agreement that strengthens the future of Lollapalooza for the next 10 to 15 years,” said Chicago Park District Superintendent Rosa Escareño. “Celebrating its 18th year in Chicago, this premier music festival has become a tradition in our city and we look forward to many more years of music but also civic engagement that has supported parks and park programming in neighborhoods across the city. The fact is when Lolla does well, our city does well. This agreement is a win-win for everyone and we hope to see Lolla continue to grow in the coming years." 
Certain terms of the agreement will remain the same, including the minimum payout to the Park District at $2 million for a four-day festival and $1.5 million for a three-day festival. The agreement ensures a consistent stream of non-tax revenue for the Parks benefitting residents all over the city. The contract termination language remains the same as in previous agreement to ensure long-term predictability for the Park District and C3. 
“With Lollapalooza serving as Chicago hotels’ busiest weekend of the year, IHLA and its members are excited to welcome Lolla back to our city for the next ten years. In 2021, the festival generated over $5.7 million in hotel tax revenue for the city, Cook County and the state of Illinois,” said Michael Jacobson, President and CEO of Illinois Hotel and Lodging Association. “Lollapalooza also supports quality livelihoods for our valued employees, who live in every corner of Chicago. We congratulate our partners at both City Hall and C3, the producer of this event, for getting this extension across the finish line.” 
“Lollapalooza is a key economic driver for our many restaurants, bars, and hotels throughout the central business district,” said Sam Toia, President and CEO of the Illinois Restaurant Association. “The festival not only showcases the city’s diverse culinary scene but highlights our role as an epicenter of music and culture. I’m glad Lollapalooza is staying home in Chicago for many years to come.”