Rejoice Caddyshack fans; you're getting your own festival in honor of the iconic golf comedy. The first annual Caddyshack Fest will take place next summer at a golf course in Louisville, Ky., according to Entertainment Weekly. The event will be devoted to celebrating the 1980 film which starred the likes of Chevy Chase, Rodney Dangerfield and Bill Murray on its way to becoming a cult classic. The man behind the festival is Will Russell. Russell helped cofound Lebowski Fest, which was started in 2002 to honor the 1998 bowling comedy The Big Lebowski. Caddyshack Fest will reportedly feature golf cart races, costume contests and a dance party. A portion of the proceeds from the event will go toward the Everything Will Be OK Project, which is a mental health non-profit. “We drove out to this golf course in Louisville, and this place is perfect,” Russell told EW. "I think it’s going to be a huge hit." MORE: How Bill Murray's improvisational genius stole the show on the set of Caddyshack Russell said the ultimate goal of the festival would be to get cast members to attend. While Lebowski Fest has been able to attract the likes of Jeff Bridges, Russell is hopeful that Murray will want to come to Caddyshack Fest as their "dream guest." Russell is hopeful that Caddyshack Fest will have the same impact on its cult following as Lebowski Fest has had on its own. “Bowling really ties Lebowski Fest together,” Russell said. “It’s great to have an activity. I was like, ‘What’s another movie that has an activity? Caddyshack!’ It’s a f---ing great movie. It’s hilarious. It’s so quotable, just like Lebowski. I’m hanging out with my friend Matt Davis, and he’s always quoting Lebowski and Caddyshack, and I was like, ‘Dude, you want to do this Caddyshack Fest with me?’ And he was like, ‘Yeah, man! Let’s do it!’" Caddyshack did moderately well at the box office upon its release in theaters, but the comedy has sky-rocketed in popularity since. It is a must-watch if you're a golfer or golf fan. Hopefully the course where the festival will take place doesn't have any gophers.