The event could bring in less money for the Park District and taxpayers over the next decade.
"When these things get done in the dark, it always ends up being a bad deal," said Ald. Brendan Reilly . Grant Park, where the fest is held, is located in his ward.Through a public records request, CBS 2 obtained Chicago Park District revenue figures for the last decade. The data show Park District revenues increasing year over year from 2012 through 2019.Park District revenues peaked at $7.8 million when the festival relaunched in 2021 but dropped in 2022 to just under $7 million.
"We weren't given a briefing. No one sat down and asked for our input. Key items to renegotiate. This was simply done in a matter of days by the previous administration," said Reilly. Using the average annual festival revenue since 2016 and that new fee schedule, it's possible Park District revenue could decrease each year for the next decade.
Lee determined, one simple change – no $1 million dollar per year adjustment in the festival revenue segments – could have eliminated the risk of declining revenues."Park District revenue [would be] more likely to stay the same over time, not decrease." This new permit agreement also added an extra $500,000 to improve tennis and pickleball courts in Grant Park.
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