GREENWOOD LAKE — On Friday, the lights, cameras and action will be ready, the scene set for Take 3 of the Hoboken International Film Festival, on location in this picturesque village by the lake.

And from the opening night celebration's private event and movies at Thomas Morahan Waterfront Park, through the gala awards ceremony May 23, filmgoers can dive into a feast of 150 non-studio films, TV pilots, premieres and screenplays from the U.S. and 25 other countries.

But when the final award is handed out next Thursday and the producers yell “Cut!” it could really be a wrap for the HIFF in Greenwood Lake, because this is the last year in the three-year contract between the festival and the village.

Then again, there’s always tomorrow.

That’s how Kenneth Del Vecchio, HIFF’s founder and chairman, is thinking, anyway. “We absolutely intend to be back,” he said. After this year’s festival, the 14th annual, he will talk with village officials about negotiating a new contract.

The festival started in its namesake town of Hoboken, N.J., in a park overlooking the Hudson. After the site was damaged by Hurricane Sandy, the festival moved several times in New Jersey, and then to the historic Paramount Theatre in Middletown for four years. But Middletown didn’t want to pay the increasing costs of sponsoring the festival. Del Vecchio, who was living in Warwick at the time, had a number of new location options, but said Greenwood Lake was perfect.

“If you’re a filmmaker, you’re used to coming to movie theaters for festivals. When do you get to come to one of the world’s biggest festivals, and get to be on a beautiful beach?” he asked. “The setting is priceless."

Del Vecchio also said Mayor Jesse Dwyer, town officials and residents have done a great job on their end.

While Dwyer didn’t respond to requests for comments on a possible new contract, he initially expected the festival would be a boon for the village’s economy and image.

Some local residents and businesspeople say it fell short.

Jamie Heller, owner of Village Buzz Café, said she loved film festivals and was excited about bringing one to her town. She says she saw a “slight bump in business” during HIFF, but it fell short of other festivals she’s been to. “If we do this in the future, we need a more concerted effort in advertising, and getting local businesses involved. Not enough time and money was spent.”

And at Planet Pizza, co-owners Henry Guerra and Neftale Monrroy said business actually slumps at festival time because food was available on-site.

That changed somewhat after the first year; now only light snacks are offered at the festival. “We want people to eat locally,” Del Vecchio said. “Eat dinner first, then come see the films.” He also pointed out that hotels and other accommodations are fully booked for the opening and closing event days.