The cat is out of the bag. According to various sources, that Jay-Z “Made In America” teaser video that surfaced a few days back is for a 2-day music/arts concert and festival Hova is bringing to Philadelphia.  The “Made In America” festival will feature 28 acts from all popular music genres and Jay-Z will be headlining the show.  The 2-day “Made In America” music festival will take place Labor Day Weekend on September 1st and 2nd at the Benjamin Franklin Parkway.

Jay-Z will be holding a press conference later today, during which he will announce more information about the event as well as it’s performers with Philly’s mayor Michael Nutter.  Rumors are also going rampant that Jay-Z’s Philadelphia concert/arts festival could also see the Jay-Z and Beanie Sigel beef (if you want to call it that) come to an end.

UPDATE: The event has officially been announced.  Watch video of the Jay-Z press conference here.