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..Is Chicago earning all that it should from Lollapalooza?

Five years into a long-term deal that keeps the massive concert in Grant Park through 2018, Lollapalooza has generated an average of a million dollars a year for a non-profit arm of the Chicago Park District dedicated to park improvements.

But the three-day festival, one of the biggest in the U.S., grossed more than $17 million last August, and politically connected concert promoters C3 Presents have struck a sweetheart deal with the city that exempts them from paying the taxes that any other concert or entertainment event would have to pay.

Altruistic claims in Lollapalooza’s press releases aside, the question looms:

Is Chicago really collecting all of the money that it should be getting from the musical Walmart on the Lake—especially in the midst of what’s been called the worst budget crisis in the city’s history, with city services being slashed and lay-offs of police, sanitation workers, and teachers threatened?