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CHICAGO — It’s officially official.

First reported by WGN-TV per festival founder Perry Farrell, Lollapalooza will stay in Chicago for the next decade following an announcement by Mayor Lori Lightfoot.

The city and the festival’s organizers, C3 Presents, came to terms on a 10-year extension that will see Chicago’s Grant Park host the event through 2032.

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Farrell broke the news to WGN’s Dean Richards on Thursday, the first of the four-day event.

“The mayor has given us a 10-year extension in the park,” Farrell said. “So we’ll be around here for another decade.”

Officials estimate a financial impact of nearly $4 billion for the city by maintaining hosting rights for the festival.

Grant Park has been home to Lollapalooza since 2005.