Philadelphia reimbursed for Jay-Z music fest costs

Entertainer Shawn "Jay-Z" Carter at the Philadelphia Museum of Art, Monday, May 14, 2012, in Philadelphia. (AP Photo/Matt Rourke)

September 20, 2012 3:07:01 AM PDT
Concert promoter Live Nation has put up more than $500,000 to cover the city's costs for the Labor Day music festival on Philadelphia's Benjamin Franklin Parkway.

The two-day Made In America festival hosted by Jay-Z cost the city $505,124 in police, sanitation and other expenses. Live Nation paid a $200,000 deposit and delivered a check to cover the balance on Wednesday.

Mayor Michael Nutter says a preliminary estimate shows the event generated $10 million for the city's economy.

The city has long held events and concerts on the parkway but this was the first ticketed event to use the space.