Lollapalooza [ tickets ], which successfully recast itself in 2005 from a waning traveling festival to a multi-day event anchored in Chicago, will continue to call Chicago's Grant Park home through 2011.

"After two magical dates, Chicago asked Lolla what its intentions were," read an email announcement sent Thursday (10/26) to the festival's email list. "In a 'rock-or-get-off-the-stage' sort of inquiry. Well, it's official. Lollapalooza will be back August 3-5, 2007, and is moving in until at least 2011!"

The Chicago Tribune reports that the Chicago Park District entered the five-year agreement with the festival's organizers, Capital Sports & Entertainment, on Wednesday (10/25), despite some noise complaints from residents who live near Grant Park. Park officials reportedly promised to address the noise concerns as planning went forward for next year's event.

This year's edition of Lollapalooza featured about 130 bands on eight stages. The bill included The Red Hot Chili Peppers, Kanye West, Wilco, Death Cab for Cutie, The Shins, My Morning Jacket, Sonic Youth, The Flaming Lips, Gnarls Barkley, Panic! At the Disco and Queens of the Stone Age.