LOS ANGELES (CBSLA.com) — The month of June will feature a slate of tribute parties and celebrations in honor of outgoing Mayor Antonio Villaraigosa — with what some say is a hefty price tag.

Perhaps the biggest party will take place on the steps of City Hall at Grand Park in downtown Los Angeles between 5 p.m. and 10 p.m. on Friday for CelebrateLA, during which residents are invited to “say goodbye” to Villaraigosa and hear addresses from President Bill Clinton and Mayor-elect Eric Garcetti.

The event will also feature appearances and performances by Placido Domingo, Pepe Aguilar, Wanda Sykes, Ryan Seacrest, Seville, DiPrima and others.

But what’s been billed as the “ultimate block party” has some residents concerned over spiraling costs to provide police and traffic control for the event.

About $75,000 in costs will be covered by taxpayer funds, while corporations including Wells Fargo, Disney and Time Warner Cable will pay for the remainder of the event, the Daily News reported.

The Department of Water & Power, the Port of L.A., and L.A. World Airports (LAX) will each pitch in $5,000, according to the Daily News.

Villaraigosa is also expected to be honored at an invitation-only party later this month at the home of billionaire Ron Burkle, with guests expected to include former Gov. Arnold Schwarzenegger, Dodgers owner and Lakers legend Earvin “Magic” Johnson, and others.

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