"There's going to be an enormous and wonderful party on the Great Lawn," Dave Matthews said. "This is going to be a once-in-a-lifetime event for us. "It's going to be one of those times when we can make some noise -- and benefiting the kids is just an enormous, shiny cherry on top."
The concert, which will benefit the Fund for Public Education, will be free for 70,000 fans. America Online employees will pass out 'sweepstakes tokens' to the lucky 70,000, the New York Post reports.
In addition to underwriting the cost of the show, AOL is donating $1 million to match another $1 million from other sources, the Post said.
"Their gigantic talent is going to support the gigantic talent of our school system," said Caroline Kennedy Schlossberg, who oversees the Fund for Public Schools, in New York City.
2014: The Year in Music [PHOTOS]