The rumors are indeed true: MusicfestNW is moving to Tom McCall Waterfront Park. 

Portland's biggest music festival will take place along the banks of the Willamette River on Aug. 16-17 (as opposed to early September) with music taking place all day and 18 acts spread across two stages. As reported today by The Oregonian, there may also be after-party events taking place at other venues around town.

The move to a fixed venue will allow for a cheaper ticket price and guaranteed admission for a larger number of fans, according to MFNW executive director Trevor Solomon. The lineup is scheduled to be announced in April. 

TechFest NW, which started in 2012, will also be returning that weekend.

Here's the official statement from MFNW:

With the continued growth of the festival, it’s a necessary change to make.  Every year we noticed it getting harder and harder to accommodate the average fan because of limitations of venue size and capacity. We want you to see all the bands you want to see.  We also want you to feel you are getting the value out of the MusicfestNW wristband you spent your hard earned money on.

Portland is a booming music town. Fans deserve an outdoor, summer music festival.  Music lovers are spoiled in Portland with amazing clubs and talent buyers.  Artists are constantly rolling in on both a local and national scale.  The success of Portland as a music community is the only reason we are able to make MusicfestNW work.  We love our clubs and fully support their efforts.  If you are reading this right now, just take the time to look through the local live music listings.  Portland is doing it, and doing it right.

Attendees will get an opportunity to see all the artists playing the festival.  Have you ever left a MusicfestNW show to catch another on the same night, in a different venue just to find yourself waiting in line with little chance to get into the club to see the artist you were hoping to see?  We know a lot of you did, and we know it rubbed many of you the wrong way.

So…This year, the cost of a MusicfestNW wristband will decrease!

MusicfestNW will now be more all-ages friendly than ever before!

Two stages, music all day, bars, food carts, art and more.  While we are changing the format, we want to keep it as Portland as possible by bringing all the culture that makes this city great to the waterfront.

We know change isn’t easy.  We love MusicfestNW and hope you do too.  We are excited about its future and will do our best to bring great music to Portland, in one location for your enjoyment.