Currently, the management of the symbolic dimension of a city is a key element that determines its competitiveness and the cultural and creative sector is the main bet to generate income and jobs focused on innovation, social inclusion and environmental care. This article focuses on the identification and empirical estimation of the values generated by an intangible cultural heritage good in the city that hosts it. The results show a strong relationship between city and cultural heritage, a relationship mediated by the values generated by the cultural heritage, which can be understood as a set of positive externalities internalized by the city's inhabitants. The article takes as a case study the 22nd edition of the Petronio Álvarez Pacific Music Festival, held in the city of Cali (Colombia). Estimates come from two sources, an input-output model adapted for the economy of the city of Cali and a face-to-face survey of 1,257 individuals (1,030 attendees + 227 non-attendees) over the age of 18 during the festival (August 15-20, 2018). The results invite policy makers to improve the information they provide to different stakeholders on the values generated from cultural assets as a strategy to expand competitiveness and local development.