The following terms shall have the meanings indicated:
A party, celebration or event taking place in a designated area within which the public streets shall be closed, and which event shall be sponsored by residents in such designated area. The term "block party" shall not include a garage sale, yard sale, bazaar, rummage sale or other similar activity having its principal purpose as fund-raising for an individual or organization, nor shall it include a political meeting or rally, a carnival or a theatrical or musical performance, such as rock concerts or similar events.