Soapbox Cart Race
For years Red Bull have done organized soapbox cart races on small hills where locals (and those in the surrounding areas (sometimes further)) have built soapbox carts and raced them downhill.
Chute Lake Road would be perfect for an event like this as there are multiple access points for vehicles to avoid the area.
People could take time to build a soapbox cart, this could become school projects, family fun, university, social groups, etc. And then they compete in a friendly race down the hill.
Food trucks and vendors could be deployed on site to provide opportunities for them as well as others.
It would be a great fun way to bring the community together for some creative competitive fun.