Is Coachella coming to the East Coast?!?!

One of my fav gossip bloggers, Perez Hilton, has reported the fabulous rumor that the annual Coachella Music Festival, which normally shakes down in Indio California, may be heading East this summer:

"Sources reveal exclusively to PerezHilton.com that the Coachella Music Festival is heading east this year!
"In addition to having the festival outside of Palm Springs, like they do every year, this year they're mounting an east coast version of Coachella in New York or possibly New Jersey," an insider tells us.
The East coast version is expected to be a few months after the Cali affair. "It should be in August," we're told.
Fun times!"
SOURCE

As a New York music (and festival) freak, I would love love love for this to be true! Inside sources are technically remaining mum at the moment, but are giving me every reason to believe this is true! YAY!