12/07/2008 05:12 am ET Updated May 25, 2011

Lollapalooza To Stay In Chicago 10 More Years

Days after C3 Presents staged the Election Night celebration here for Barack Obama, officials announced Thursday a plan to allow the Austin, Tex.-based promoters to continue the three-day Lollapalooza music festival in Grant Park for at least 10 more years.

Chicago Park District Supt. Tim Mitchell said the proposed contract calls for festivals from 2009 to 2018. But if Chicago is picked to host the Olympics in 2016, Lollapalooza could be canceled, and the festival's organizer will be able to add concerts to the end of the contract.

The new deal, likely to be approved by the Park District board Wednesday, gives the Park District a bigger cut of some revenues, Mitchell said.

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