Bill Rodgers is known not only around New England, but around the world as one of the greatest runners of all time.

On Sunday morning in Portland, the 58-year old Rodgers, a four-time winner of both the Boston and New York Marathons, will serve as grand marshal for the second annual KeyBank New England Mile, which is slated to start at 8:30 on upper Congress Street.

Not only will Rodgers serve as grand marshal, two of the fastest runners to come out of Maine, Ben True and Derek Treadwell, will likely compete in the event and challenge the four-minute barrier.

If a New England raised runner goes under the four-minute plateau, he will receive a cash prize of $5,000.

Since the race occurs on Fathers Day, race director Pete Bottomley hopes a lot of families will be attracted to the event.

“We hope a lot of families will bring kids. The big draw for them [the kids] is the ice cream,” Bottomley said, referring to the fact that Friendly’s provides free ice cream for all runners after the race.

The course is unique from others around Maine, as it runs straight down Congress Street, known as Maine’s busiest thoroughfare.

“It’s a great venue. Running down the busiest street in the state, that’s what I’ve always liked,” Bottomley said.

A half-mile run for kids will start at 8:10 a.m., going from the finish line to the three-quarters mile mark and back.

“They have to run away from the ice cream and then back to it,” Bottomley said.

Then, as the kids finish, dear old dad can give them an ice cream.

“Unless dad is going to the start line,” Bottomley said.

Bottomley said that True and Treadwell will have a shot at the sub-four minute barrier if they run a patient race.

“If they try to run a 1-minute, 55-second first half, they’re gonna be spent,” Bottomley said.

The first half of the course is mainly flat, and the downhills don’t come into play until the second half.

Another thing that is unique is the “frontrunner premiums,” meaning that the first male and female to each quarter-mile mark will receive a $50 prize.

“People will rabbit to get those 50 dollars,” Bottomley said.

The post-race activities also include a raffle, and the grand prize will be a vacation for four to North Conway, N.H., Bottomley said.

The race’s main sponsor is Easter Seals Maine, and Bottomley, who is on the board of directors, said that $3,000 was raised last year.

“Hopefully this year we can raise about $8,000. Its [Easter Seals] is growing nicely,” he said.

Easter Seals Maine is a non-profit organization which serves children with disabilities in Cumberland and York Counties.

Race-day registration will start at Lincoln Park, adjacent to the finish area, at 7:30 a.m., and runners must register by 8.

Preregistered runners can pick up materials at Maine Running Company, 563 Forest Ave. in Portland from noon and 6 p.m. Saturday and runners can also register at that location between noon and 6.

Fees are $12 for an individual and $30 for a family of four. The kids’ mile is free.