The event will take place about five hours before the New York Giants and San Francisco 49ers play the first game of the season, 10 miles away in New Jersey.

Bon Jovi will then enjoy the homefield advantage during a halftime performance at the game. The band is expected to perform their new single, “Everyday,” from their forthcoming album, Bounce.

Although the event is good news for football and music fans alike, not everyone is happy about Times Square shutting down. Traffic issues are a major concern and proximity of the event to the first anniversary of the World Trade Center attacks is a sensitive issue. But, NYC Mayor Michael Bloomberg put a positive spin on the argument.

“What the city gets out of [this] event is a lot of money to help fund the ceremony downtown for 9/11 and a lot of money to help in the redevelopment of downtown,” Bloomberg said. “It also showcases New York to the world and helps tourism.”

The party will be free to the public and will be nationally televised on several networks including CBS, MTV, VH-1 and ESPN.