The Sail and Ski Center announced Thursday it's been selected to host AquaPalooza's Signature Event this year.

AquaPalooza is self-touted as "The World's Largest Boat Party." Organizers said they broke their own record, with a grand total of 15,600 boats and 84,000 people last year.

The event was created as a series of on-water celebrations held during the last two weekends in July. It was created by Sea Bass Boats as a free event open to boaters and non-boaters alike.

Laura Mitchell is a member of the Lake Travis Chamber of Commerce. She said the low lake levels have been rough on local businesses and have prevented the festival from coming to Lake Travis in the past.

"Unfortunately the rains didn't come and the lake levels continued to drop off, so we were not able to host the event," Mitchell said.

Thanks to El Nino, water levels are improving on the lake. If weather patterns stay consistent, this summer should be perfect for AquaPalooza--which means a huge influx of cash for area businesses.

"It will create the most positive economic impact we have ever seen in the Lake Travis area. Our business community needs it, wants it, and we're thrilled to have them come," Mitchell said.

Kendra Clawson works for the Lower Colorado River Authority. She says making sure AquaPalooza is a fun and safe event is a concern.

"It's going to take a tremendous amount of resources and a big team effort with not just LCRA. It's going to be a team effort between all the local law enforcement, and also Austin Travis County, Texas Parks and Wildlife. Several agencies are going to be involved in this to make sure everyone stays safe out on the water," Clawson said.

The event will be held on Lake Travis on July 31.