Asheville officials say only two proposals have come from private groups on a possible replacement for the Bele Chere festival.
City officials earlier this year decided not to continue funding the downtown summer festival that had started in 1979, citing budget shortfalls. Ending the festival is expected to save the city about $450,000.
Some critics said the festival had become too large and disrupted downtown business.
Officials say one proposal was submitted by Moogfest, and the other by the Asheville Wine & Food Festival.
Moogfest began as an electronic music festival named for Bob Moog, an Asheville resident who invented a synthesizer.
The wine and food festival proposed a weeklong Appalachian Heritage Festival to highlight the area's food, music, outdoor recreation, art, wineries and breweries.