Published: Feb 11, 2011 12:11 AM EST
Updated: Feb 10, 2011 9:11 PM EST

CAPE CORAL- For the first time in its history, the Celebrate Cape Coral Block Party is cancelled.

Each year thousands of people crowd SE 47th Terrace to enjoy music, food, and a parade.

But this year a major sponsor pulled out of the event, forcing organizers to cancel it.

"We've sent back notices to the parade people saying that we weren't doing it," said Mike Quaintance, President of Cape Coral Chamber of Commerce.

The Cape Chamber organizes the annual block party, which takes place the first Saturday of March.

The block party costs about $10,000 to put together.

However, TIB Bank, one of the event's biggest sponsors couldn't contribute money this year.

They told the Cape Chamber back in January.

Without the contribution, the Chamber couldn't afford to put on the event.

They had already committed $15,000 dollars to the Disney Institute to hold a leadership seminar in the city for local business owners.

"We can't do both in the economic environment. We have some contractual obligations with Disney," Quaintance said.

Each year the block party attracted thousands of families.
 
Local businesses reaped the rewards too.

"Anything that comes down this way is tremendous for the downtown area," said Ross Randall.

Randall owns Chicago Pizza.

The restaurant is located on SE 47th Terrace, right where the parade would have been.

Now that event is off, Rrandall and other businesses say they miss out.

"We would've benefited a lot from it as would the other businesses down the street," he said.

Mike Quaintance says if another sponsor wants to step up and help put the Celebrate Cape Block Party on, he welcomes the support.

If a new sponsor does want to step up and help, the Cape Chamber of Commerce needs to know by Friday, February 11th.

Meanwhile, if any Cape businesses want to attend the Disney Institute seminar about management and leadership, they can contact the Chamber of Commerce at 239-549-6900.