Plenty of fun events would be available for children, including wheelbarrow rides, games of musical chairs and rides in carts pulled by newfoundland dogs.
"It's all free, there's no charge at the gate and activities are free."
Mr Paterson said that with the expense of Christmas and the holidays the free day was exactly what parents were after.
"There's kids' entertainment, families can have a bit of fun and it won't break the bank."
With fine weather forecast, he was hopeful of a crowd of a couple of thousand.
Gates open at 11am, with the first race at 12.35pm. Eight races are scheduled over the course of the day.
Meanwhile a day of fun for the family will be held at the Rotorua Aquatic Centre from 11am until 2pm on Saturday.
The fun day would include a DJ, lots of competitions and prizes and plenty of fun, said operations manager Andy Smith.
It would be a "huge pool party" aimed at providing enjoyment for the whole family, Mr Smith said.
A similar fun day a couple of years back had attracted about 500 people and they hoped this one would be a big success too.
Entry has been discounted to $2 for the day.
Arawa Park fields p22