Yay! Hipsters from Los Feliz to Echo Park are popping cans of PBR in celebration. Because when Paul Tollett speaks… NBC Los Angeles:

An Indio City Council member who created an uproar when he suggested a new ticket tax on the hugely popular Coachella Valley Music and Arts Festival backed away from his proposal Thursday.

Councilman Sam Torres’ concept of a 5-to-10 percent admission tax this week generated intense speculation that the festival, which started in 1999, would leave the small desert city for more financially friendly digs.

Paul Tollett, president of festival promoter Goldenvoice, had responded to Torres’ proposal with threats last week to move Coachella out of Indio. He told the Palm Springs Desert Sun newspaper that he would cancel the 2014 festival with plans to be a new facility outside the city in 2015…

Torres had said his tax would affect events that admit more than 2,500 people beginning in 2014. The Indio City Council voted down Torres’ proposal on June 6, but the councilman vowed to gather enough signatures to place it on the municipal ballot.

On Thursday afternoon, he said he would “suspend” his pursuit of a ballot initiative, according to a press release on the city of Indio’s website. He said the potential negative economic impact of the festival’s potential move swayed him.

“I cannot in good conscience allow this to happen no matter how dire the city’s circumstance,” Torres said in a press released posted at 4 p.m. “My sincere hope is that we can now move past this episode and I personally look forward to working to enhance relationships.”

Speaking to NBC4 earlier in the day, Torres had said “I don’t take a threat by Paul Tollett lightly.”

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