New Bedford's loss is Fall River's gain.

Fall River Mayor Will Flanagan announced Monday the city will be hosting a festival similar to the now absent Whaling City Festival next year.

In fact, organizing the Spindle City Festival is former Whaling City Festival President Joe Eugenio, who joined Mayor Flanagan in Monday's press conference.

Mayor Flanagan says the festival will be geared towards families who may not be able to afford to go out of the city for vacation.

The Spindle City Festival is being scheduled for the summer of 2015, and will be held on the grounds of Durfee High School.