The Colorado Balloon Classic will return to Colorado Springs in 2014.
The event's future in the city was in doubt after the police department decided to close some streets around Memorial Park during the Balloon Glo on the event's dime.
In 2013, Colorado Spring city council agreed to pay the $6,596 bill for barriers to block off the roads after the Balloon Classic threatened to move to another city in 2014.
Patsy Buchwald with the Colorado Balloon Classic tells KRDO NewsChannel 13 that the city has agreed to pick up most of the costs to rent Memorial Park and pay for police and firefighters next year.
Buchwald says the 2014 Balloon Classic will feature more national advertisers and more balloons.
The Balloon Classic has been selected as one of the top 100 events in north America by the North American Bus Association.
The Balloon Classic has been in Colorado Springs since 1977.