Here is what i know of the balloon festival. I think the festival is on the Labor day weekend on Antelope Island. The race group was talking about having a race that went from the Harbor to the location of the festival, with a race back the next morning.
I just joined the Salt Lake Yacht Club last week and the membership director talked about having a cruise to the same location. People would anchor out and take dingys in to the festival. There was also talk of having one of the power boats from the marina ferry people into the location.
The cool part about it there will be food vendors and all kinds of other resources at the festival. I will send you a PM when I get more details.