Lollapalooza event, which will bring some of the biggest artists music Chicago Grant Park, new guidelines as hundreds of thousands of people are expected to flock the city

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Lollapalooza co-founder Perry Farrell reportedly said that festival organizers have reached a deal to keep the flagship festival in Chicago for another decade

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Lollapalooza, said its negotiations continue with the city and the Chicago Park District, a spokesman for Texas-based C3 Presents

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Lollapalooza's previous agreement, which was signed in 2012, was set to expire after last year's festival, but the parties agreed to execute a one-year extension option

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Lollapalooza agreement was announced in 2012 after months of private negotiations, it was heralded as a 'big win' for Chicago's taxpayers, hotels, restaurants, parks, etc

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Lollapalooza draws crowds of 400,000 over the four days it takes place and generates millions in local economic impact and revenue, C3 has said

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Lollapalooza will kick off in Chicago Thursday, marking the start of four days of music in the city and what is considered one of the largest music festivals in the world

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