RACINE, Wis. (CBS 58) -- One of Racine's biggest events of the year has been cancelled due to the looming rainfall throughout the area on Saturday. 

Organizers say after closely monitoring the weather and speaking with staff and production partners, they made the difficult decision to cancel the 23rd annual street festival. 

All 'Party on the Pavement' vendors are expected to receive a full refund of their vendor fee. 

In a statement, organizers say due to the required months of advance planning and approvals the event will not be rescheduled. 

"An event of this size requires months of advance planning, including City street closure approvals, public safety coordination, entertainment, vendors, bands and production. Unfortunately, those pieces cannot be recreated on short notice. Thank you for your understanding, your flexibility throughout this week's weather uncertainty and, most importantly, for being part of Party on the Pavement."

You can more information on the event here.