Lollapalooza: Great economic boost for City of Chicago - Dallas News |

Lollapalooza: Great economic boost for City of Chicago

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CHICAGO (FOX 32 News) -

Lollapalooza wrapped up at Grant Park with an estimated 300,000 people attending this year's three-day music festival, which meant a boost to the local economy. Clean-up continued Monday morning.

Less than a day after the fest featuring 130 bands ended, Mayor Rahm Emanuel said Lollapalooza had a positive economic effect on the City of Chicago.

Organizers said it put $120 million into the local economy last year. They are still waiting for this year's numbers. The city collects tax revenues and the event sold out, so $4 million went to the city to begin with.

About 100,000 people attended the music festival per day, and 70% of those attendees were from outside Chicago and 3% were from outside the U.S. They spent money on tickets, food, drinks, lodging, taxis and after-parties.

A new agreement with the company that produces Lollapalooza lasts through 2021, so that will pay off in tax revenue. The event used to be tax exempt.

The event produced lots of work for the city, including overnight clean-up to clear the park and streets of trash and strike the stages in the one-mile performance space. The park landscape will also have to be restored eventually, and that it paid for by the production company.

As Chicago's visitors take their leave, the road and foot traffic should return to normal. Grant Park road closures will be lifted later on Monday.

Chicago police also call Lollapalooza a win, considering they only made 10 arrests. For an event this big, police said crime wasn't bad at all.

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