PARAGOULD, AR (KAIT) - The Downtown Paragould Arts and Music Festival was canceled for this year.
The free festival was planned for the third weekend in May, but was canceled because the Main Street Paragould Board cannot afford the event.
The announcement, made on the Arts and Music Festival's Facebook page, said the board calculated a $6,600 expected loss.
The festival was originally known as the Loose Caboose and included a carnival, which generated the profit needed to host it.
The board was told in 2013 that they could not hold the Loose Caboose "out back by the tracks" anymore because Union Pacific Railroad owns the land.
The carnival was held there for 24 years prior to being told they had to move.
One year after reinventing the festival, the financial scare has caused it to be shut down again.
In the post, the Main Street Paragould Board thanked all of the businesses who already agreed to sponsor the festival.
Money already received and deposited would be refunded by May 1. The checks that had not been cashed will be returned.
The same will be done for the vendor contracts the board already collected.