Yes, Bend has festivals for each season, and this weekend it’s the Bend Fall Festival. Taking place October 7th and 8th, it "promises a fabulous array of music, art, food, and fun" in Downtown Bend.
And yes, that means they’re closing the main streets downtown to fill them up with two music stages, artists selling their wares, and the food court. Also look for Fall-themed contests (pumpkin carving, pie baking, pumpkin painting) and a kids area replete with pony rides, apple bobbing, an inflatable "playground" and more.
I don’t see hours listed on their website, but I’d imagine 10am or so until evening.
So yeah. The Fall Festival. At this point I’m waiting for Bend to start having monthly festivals… NovemberFest, AprilFest, etc.