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MIAMI BEACH (CBSMiami) — Art Basel is staying in Miami Beach for at least a few more years.

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On Thursday, Miami Beach and Art Basel officials made it official on Thursday.

Since 2002, the art show has brought in millions of dollars to the economy and had hundreds of thousands of people traveling from around the world to see the show.

“Five hundred million a year is probably the economic impact from Art Basel, for not just Miami Beach, but Miami and South Florida,” said Miami Beach Mayor Philip Levine.

As part of the agreement, the show will be held in Miami Beach for five years starting from 2019.

The deal will allow Art Basel to have exclusive use of the entire Miami Beach Convention Center which includes their new 60,000 square foot multi-level ballroom, meeting spaces and the historic Carl Fisher Club House.

It all came down to an escalator and an elevator. The city had to pay $2.8 million for both in the Miami Beach Convention Center before Art Basel organizers agreed to the deal.

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It’s  undergoing a $615 million expansion which will be done by 2019.

“We felt it was the right moment to commit to a long term, but the fair will be here for the next two years leading up to that,” said Art Basel Director Noah Horowitz.

The event attracts art aficionados and celebrities to South Florida every winter. Even the announcement brought some star power. NBA hall of famer Alonzo Mourning was in the audience.

This is a slam dunk or some would say a touchdown for the city.

“To be able to lock them in for five years, it’s literally like locking in the Super Bowl for five years,” said Mayor Levine.

Miami Beach will be the home of Art Basel through 2024 but you can already expect a bigger and better show in 2017.

“There will be 268 galleries so there’s plenty of art to see from over 30 different countries from around the world,” said Horowitz.

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Art Basel has been in Miami Beach since 2002. This year’s edition will be held from December 7th to the 10th.