Mogul Russell Simmons, Dr. Benjamin Chavis, Valeisha Butterfield and the Hip-Hop Summit Action Network (HSAN) have partnered with Heineken and Myspace Music to sponsor the Hip-Hop Inaugural Ball. Simmons’ HSAN is hosting the star-studded black tie gala, in honor of President-elect Barack Obama’s historic inauguration. Superstars T.I., Young Jeezy, and LL Cool J will co-host the event with Russell Simmons, who emphasized the importance of young adults’ voting power in Obama’s 2008 run. “The Hip-Hop Inaugural Ball will be a fantastic gala and upscale party in celebration of Barack Obama being inaugurated President of the United States,” Simmons explained to sources. “We are also recognizing the outstanding contributions of T.I., LL Cool J, and Young Jeezy in helping turn out the largest young adult vote in history.”

In related news, Jay-Z will play a special concert in Washington, D.C., on eve of President-Elect Barack Obama’s inauguration. “In Concert On The Eve of Change” Concert, billed as an “intimate performance,” will take place at the Warner Theater. Jay-Z will perform with a full band. Tickets for the performance go on sale Friday at 10 a.m.