I think the event itself has merit, but that it should be relocated as well to somewhere it will have a smaller impact on traffic. I also think it would be cool if the event was also tied into river activities like kayaking, rafting or dragonboating and emphasis was on celebration of the natural environment.
When I am out about on my bike commuting to work I am always looking for opportunities to share the road with motorists and create a more positive and safe environment for everyone.
The following website is City Repair Calgary.
http://cityrepaircalgary.com/
I think that also the Bow Flow could be transformed into a placemaking event. i.e.: cob bench building, community gardening and street\infrastructure painting...
To create a great event needs to be respectful of those using major road and for that reason should be relocated...