Gary Mayor Karen Freeman-Wilson says the annual air show has been cancelled due to lack of funding.
"The risk inherent in incurring a $350,000 debt without having secured all of the sponsors cannot be justified under our current financial conditions," Freeman-Wilson said in a statement. "Our first job is to be a good stewards and our team has determined that we cannot afford to host the Gary Air show."
The airshow in the Lake Michigan community began in 2000. Hundreds of thousands of people usually attend. The show was canceled in 2013 because of federal budget cuts and in 2014 because Gary couldn't afford safety costs, including ambulances.
A spokesperson said the city attempted to find a corporate sponsor in order to continue with the show, but was unable to find one by Monday's deadline.
"We will focus on next year," Freeman-Wilson said. "We know that a fully sponsored show is attainable and we will begin immediately to work on making that happen."