The Taste of Chicago will not open Saturday due to "extreme weather," officials announced.

The festival, which was set to open at 10 a.m., will originally postponed until noon, but has since been closed for the day due to "excessive rainfall and flooding on the festival grounds," according to a release from the City of Chicago Office of Emergency Management.

"The city will continue to assess conditions throughout the day today and update the public if the conditions will affect tomorrow's scheduled opening at 10 a.m.," the release said.

As of Saturday evening, officials said the festival is expected to open as scheduled Sunday.

Those who purchased Saturday concert tickets will receive a full refund, officials said.

Rain moved into the Chicago area during the morning hours Saturday, bringing heavy downpours at times that posed a risk for localized flooding in some areas.

A Flash Flood Warning was issued for parts of Cook and Will counties until 1:30 p.m., according to the National Weather Service.

According to the NWS, roughly 3 inches of rain had fallen across the Chicago area as of early Saturday morning and another inch was expected.

The morning rain is forecast to be out of the Chicago area by the early afternoon hours, but a second wave of storms-- potentially severe-- is expected to move in during the late afternoon and early evening hours.

The Storm Prediction Center placed Chicago in the slight risk category for severe storms Saturday morning and later in the evening.

Thunderstorms that develop could produce torrential downpours, frequent lightning and damaging wind gusts of up to 60 miles per hour. The greatest threat, however, is expected to be the heavy amounts of rain and potential for flooding.