The Mayor’s Office of Special Events says Chicago won’t be hosting its traditional July 3 fireworks this year.

Executive Director Megan McDonald says the city will synchronize two displays on far North and far South Side beaches with a central show on Navy Pier.

MCDONALD: It was a cost saving measure, certainly. I think it was a way to better manage what happens in the city on a very busy holiday weekend.

McDonald says she thinks the event will continue to draw crowds more than one million people every year. She says the new event will be known as the Lakefront Fireworks Extravaganza.

It will be the culmination of the Taste of Chicago. That festival ends on the Fourth of July.