MIAMI (WSVN) - The Ultra Music Festival will not be returning to the City of Miami.

Festival organizers have announced that they have terminated their license with the City of Miami.

“We have voluntarily terminated our City of Miami license and thank them for being part of our story for the last two decades,” organizers wrote in a letter posted to Twitter.

Organizers said they are now finalizing a new location that will serve as a permanent home for the festival.

The move left the mayor of nearby Key Biscayne and residents feeling a sense of relief.

“We’re happy that Ultra realized that Virginia Key was just not the right place,” said Mayor Michael Davey. “Our residents are happy to hear that an event with 60,000 people and one way in, one way out is just not going to happen next year.”

“As a resident of Key Biscayne, it was good news for us,” resident Julieta Lepre said. “It was not a pleasant experience to have the music festival here.”

Ultra’s decision to terminate their Miami license comes after years of push back from residents and local officials.

“This is obviously bittersweet for the city,” Miami Mayor Francis Suarez said. “This represents hundreds of millions of dollars in economic impact, but I can’t blame Ultra.”

One of the possible locations is Homestead.

City Manager George Gretsas weighed in on that possibility.

“Homestead-Miami Speedway has contacted the City about potentially hosting the Ultra Festival at their facility,” he said. “We are anticipating additional information from them soon and once we have something specific we will be bringing the issue to the Homestead City Council for their consideration.”

Ultra organizers said additional details about the next event will come soon.

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