- The shrunken and revamped Taste of Chicago still didn't come close to breaking even and may never return to profitability, a top mayoral aide said Monday.
Cultural Affairs Commissioner Michelle Boone said the she's "still reconciling" the cost of city services before releasing a final financial report on the revamped 2012 Taste.
But, she disclosed that Chicago's premier lakefront festival costs $6 million to stage and isn't "close to breaking even." That's despite the fact that individual restaurants saw their highest profit margins in five years.
Taste of Chicago was once a cash cow that bankrolled the city's other music festivals. But, Boone said it may never return to profitability.
"It's very difficult to find a financial model that creates profitability for a free festival," the commissioner said after testifying at City Council budget hearings.
The individual restaurants are making money but the city isn't? Time to pull the plug, hand it off to a private firm (maybe Vanecko Festivals or someone), and charge a hefty admission fee where the City could get their cut of the entertainment tax.