In a press release sent out this morning, One Reel announced that The Family 4th at Lake Union, its annual fireworks celebration at Gasworks Park, will return this year—if it can raise $200,000 from community members by March 1. If you'll recall, the event was nearly canceled last year due to lack of funding (before a pledge drive spearheaded by radio host Dave Ross and chef Tom Douglas raised $500,000 to save the event).

From the press release:

ONE REEL is building on the success of last year’s community-based effort with a new sustainable funding model that combines corporate sponsorships and private donations at every level. Returning charter supporters including Starbucks, Microsoft, Nordstrom, Charlie’s Produce, and Tom Douglas Restaurants along with many other businesses and individuals, have already stepped up to help make this year’s Family 4th a reality.

...The Family 4th is a much beloved community event that was saved last year in just one day when the funding was in doubt. Now, with almost six weeks to go, the goal is to raise the remaining $200,000 in community-based pledges and corporate sponsorships by March 1st. Community members are invited to visit [this site] to make a donation and share what the event means to them and their family.

The implications of the press release extend beyond the fourth of July event. The organization also produces Bumbershoot and after reportedly less than stellar ticket sales last year, it laid off half its full-time staff last October. Many people in the arts community were speculating that One Reel—and Bumbershoot—wouldn't make it through another year. This seems to indicate that its death rattle will extend through another summer season, at least.