"It's a combined club event, with all Rotorua Rotaries all working together to make this project a success."
He said Waddell, who was the deputy chairman of Home of Cycling and also works with Cycling New Zealand, was particularly fond of Rotorua with its mountain biking.
Waddell told the Rotorua Daily Post the lunch was for a "wonderful cause" and he was pleased to be able to help.
"I encourage people to come along and enjoy being a part of it. Rotorua's got a great community feel to it and events like this really cement that feeling."
Through his work in national sport, he had got to know a lot of people in Rotorua who had been very good to cycling in New Zealand.
He said he was currently helping to "piece together" the establishment of a national mountain biking centre of excellence in Rotorua.
Waddell is chef de mission for the New Zealand Olympic team heading to Rio, and the fundraiser was not long after he returned, so there would be plenty to talk about.
He said he had a long and interesting sporting career, so there would be no shortage of content.
Charity luncheon trustee Mike Bannister said last year's inaugural event raised $90,000 for numerous Rotorua charities and attracted 450 guests.
This year they were hoping to host 600 guests and to raise $130,000, he said.
Mr Bannister said each Rotary club had been asked to nominate charities, and from these three would be chosen as the major beneficiaries and numerous as pool beneficiaries.
Tickets will be available soon at Ticketmaster.