The event, modelled after similar ones held in the U.S., will have participants slide down a water slide along an inflated two-lane slide structure into a pool of water.
The slide will be located between the south side of Keith Road to the north side of 3rd Street and water will be pumped into the slide from a fire hydrant.
An estimated 45,000 to 75,000 litres of water will be used for the Slide the City event, which originated in Idaho last year.
The water required to run the slide can then either be flushed right into storm drains or used to water city green spaces, according to a report to city council.
The city approved holding the event in conjunction with Car Free Day on Aug 22 to allow for a variety of pedestrian-friendly activities that day.
How much will it cost?
The slide won’t be free. There is no current ticket price but if the company follows the same pricing it used in other cities, a single slide could cost $15 (pre-purchased.)
Those who sign up must be five years old or older, be at least 117 centimetres (just under four feet) tall and bring their own inflatable tube.
Although the event is a for-profit function, organizers say they expect to generate $7,000 - $10,000 in donations to the Canadian Cancer Society.
The organizers also hope to hold Slide the City events in Calgary, Nanaimo, B.C. and Edmonton, Alta. this summer.