Posted at: 10/18/2012 8:09 PM
By: The Associated Press
ALBUQUERQUE, N.M. (AP) - Albuquerque officials are citing a tentative agreement in negotiations between the city and the Albuquerque International Balloon Fiesta.
A brief announcement says Mayor Richard Berry and festival officials will hold a Friday afternoon news conference to provide details.
The sides have been negotiating for months on a new contract to replace one that expires this year.
The festival rents a city park for the event.
The announcement didn't provide any details but says the tentative agreement is mutually beneficial to both taxpayers and festival organizers.
The agreement would be subject to approval by the City Council and other city officials. This year's nine-day festival was held earlier this month.
The annual event draws hundreds of pilots and hundreds of thousands of spectators.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)