CHICAGO (WBBM NEWSRADIO) -- Canceling Lollapalooza is not a total loss to the City of Chicago.
Lollapalooza promoter C3 Presents will pay the Chicago Park District $750,000 for this year's canceled music festival, per the terms of their contract, the Park District announced Thursday.
According to the contract C3 and the Park District signed in 2012, C3 is required to pay the Park District $1.5 million even if the festival is not held, unless there are special circumstances. C3 owes nothing if the festival is not held because the Park District breached the contract. The Texas-based promotion company owes $750,000 to the Park District if the cancellation is because of force majeure, which covers fire, hurricane, flood, tornado, "act of God," terrorist act, mechanical or structural failure, civil commotion and any law or order from a public or military authority stemming from certain occurrences that are "not reasonably foreseeable" and are beyond "reasonable control."
The Lollapalooza contact is due to expire next year. Mayor Lightfoot said it will be renewed.
The city announced Tuesday that Lollapalooza, along with the Taste of Chicago, Chicago Air and Water Show, and other summer events were canceled due to the COVID-19 pandemic. Lollapalooza was set to take place July 30-Aug. 2 in Grant Park.





