Ultra Music Festival Miami
The team behind the iconic festival installation said they were "humbled"
The Downtown Neighbors Alliance will no longer be taking action against the Miami festival
Other ticket holders began filing lawsuits against Ultra in May last year
It's the second year that the event will be unable to take place
It'll be the second year that the festival has not taken place
The Road to Ultra event will take place in Taipei
The festival will raise funs for the MS Trust
Lollapalooza has also been forced to cancel by City of Chicago
Parent company AEG has announced a "mix of layoffs, furloughs and salary reductions"
The announcement follows the cancellation of the festival's 50th edition