Painting The Town Red takes place on Sunday June 18 and takes its name from the infamous incident 180 years ago in Melton when drunken toffs daubed buildings in red paint and which gave rise to the popular saying.
As part of the event, traders are being encouraged to take part in a Best Dressed Red Window contest.
Shelagh Core, manager of the Melton BID, which is sponsoring the competition, said: “We are asking businesses to take part and’ literally, paint the town red.
“We really hope people will support this great new event in Melton.”
The event, which replaces the former Country Fair in the town, will run from 10am until 4pm with a wide variety of activities planned.
Sherrard Street will be closed to enable it to be filled with vintage cars and tractors.
There will be a dog show in Windsor Street and Market Place will once again play host to cattle, sheep and horses, as well as countryside activities such as sheep shearing.
There will also be various rural demonstrations throughout the town, a climbing wall, Morris dancing, performing stars, Rock Choir and live music throughout the day.
Go online at www.painthtetownredmelton.co.uk for more information on the event.