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The festival will be exiting Douglass Park after a 10-year run that has been plagued by controversy in recent years.
The festival's co-founder, Mike Petryshyn, shared the announcement in a video posted to social media and on the festival's website Tuesday evening. The new venue will be announced Wednesday morning with this year's lineup.
Late Monday morning, a northbound bus hit the theater in the 3500 block of South Halsted Street, a northbound Cadillac and several parked cars, Chicago police said.
Mayor Brandon Johnson and Cook County President Toni Preckwinkle greeted Chicago's newest arrivals, who've taken up residence at the old St. Bartholomew school and convent in Portage Park.