Given a reference text about Lollapalooza, where does it take place, who started it and what is it?

Context: Lollapalooza /ˌlɒləpəˈluːzə/ is an annual American four-day music festival held in Grant Park in Chicago. It originally started as a touring event in 1991, but several years later, Chicago became its permanent location. Music genres include but are not limited to alternative rock, heavy metal, punk rock, hip hop, and electronic dance music. Lollapalooza has also featured visual arts, nonprofit organizations, and political organizations. The festival, held in Grant Park, hosts an estimated 400,000 people each July and sells out annually. Lollapalooza is one of the largest and most iconic music festivals in the world and one of the longest-running in the United States.

Lollapalooza was conceived and created in 1991 as a farewell tour by Perry Farrell, singer of the group Jane's Addiction.

Answer: Lollapalooze is an annual musical festival held in Grant Park in Chicago, Illinois. It was started in 1991 as a farewell tour by Perry Farrell, singe of the group Jane's Addiction. The festival includes an array of musical genres including alternative rock, heavy metal, punk rock, hip hop, and electronic dance music. The festivals welcomes an estimated 400,000 people each year and sells out annually. Some notable headliners include: the Red Hot Chili Peppers, Chance the Rapper, Metallica, and Lady Gage. Lollapalooza is one of the largest and most iconic festivals in the world and a staple of Chicago.