San Diego Comic Con Extends Contract, Remains In San Diego Through 2021

06/30/2017 12:34 pm EDT

Fans of the largest pop culture gathering in the United States will be excited to learn it will continue to call San Diego home.

The fate of Comic Con International's housing was up in the air as the contract with the San Diego Convention Center. A new agreement between Comic Con International and the Convention Center has extended the life of San Diego Comic Con through 2021.

"Today is a day of celebration. Comic-Con and all of us are incredibly happy at this agreement, and I have to tell you again, personally, the people here are instrumental in keeping us in San Diego for the next three years," Comic Con International's David Glanzer said.

San Diego Mayor David Faulkner and Comic Con International announced the exension in a press conference on Friday. "It's a chance for us to have not only some of the most fun we have all year but the eyes of the world are on San Diego. To have that extension is hugely important for our bottom line," Faulkner told CBS8. Faulker went on to say that this agreement offers an exciting opportunity to expand the convention center which has long been a topic of discussion as Comic Con continues to grow each year.

One factor in the agreement was the rising hotel rates around the time of the convention. Event organizers were hoping to cap the year over year increase to 4% over a the three year period of the extension. "We're in a competitive environment so other cities would love to have Comic Con. They belong right here in San Diego," Faulkner said. "A lot of work with the hotels on rates because we want to make it affordable for families."

More than 130,000 people attend San Diego Comic Con each year. It is estimated to bring an economic boost of $140 million to the community.

"The fact that people will come to San Diego, even if they don't have a ticket, they just want to be part of the experience with people watching from all around the globe," Faulkner said. "The dollars that we generate from Comic Con, that's how we paves roads, keep our libraries and rec centers opens, hire police officers and fire fighters. It's a huge shot in the arm fore us economically and you couldn't ask for a better brand image than Comic Con."

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This year, San Diego Comic Con will be held from July 20 through July 23.

Disclosure: ComicBook is owned by CBS Interactive, a division of Paramount. Sign up for Paramount+ by clicking here.