Clearly not, therwise I would not have been tagging.
About the references: all your references are press releases or announcements by the organizing committee. In most cases, these are not useful as sources. The article misses independent, reliable third party sources.
About the copy-editing: the text contain, amongst others, peacock terms, like "affordably-priced items", "Free to attend", and a list of non-notable performers. Maybe the performers are of huge local interest, they are not relevant for wikipedia. Also, the article lacks internal links.
About notability: without proper sources, notability can not be judged. A three year old festival with 12.000 visitors is not very convincing. The festivals should show that is more on offer then being just another local festival.
Still, it might by that the festival is notable. That is why I not nominated it for deletion, but that I tagged it. Now you can work on the article, without the immediate threat of removal. I know my comments sounds harsh, but I believe that you can improve the article enough to make even me happy.  talk