Chip and Joanna Gaines' 'Silos Baking Competition' Will Air on Sunday: 'Dream Come True'

Home bakers are traveling to Waco, Texas, for Chip and Joanna Gaines' new competition special!

Silos Baking Competition, which will air on Magnolia Network and Food Network on Sunday, June 12 at 8 p.m. ET / 7 p.m. CT, is a one-hour special in which talented cooks will compete for more than one enticing prize. Not only will they compete for $25,000, but they'll also vie for an opportunity to get their winning dessert on the menu at Chip and Joanna's Silos Baking Co. bakery.

The special will also stream on discovery+ on Sunday.

The Magnolia founders, who appear on the judge's table in the official trailer, are clearly excited for the new special.

"Welcome to our first ever Silos Baking Competition!" Joanna said in the trailer as she opened up the event.

Joanna, who's a cook herself, said the show is her "actual dream come true." While she's looking forward to everything the art of cooking and good-hearted competition has to offer, Chip is clearly in it for the taste tests!

"I'm just like, when do we eat?" Chip hilariously quipped in the trailer.

One of the most special parts about the one-hour episode is that it takes place all on the Silos grounds, where the Magnolia market and bakery are located.

During the trailer, the pressure is high and competition is fierce as competitors face last-minute decisions and baking mishaps.

The one-time special isn't the only food-themed show the network is introducing. Magnolia Network announced several new shows and more returning series on Tuesday.

Another summer release is Recipe Lost and Found, which stars chef and food anthropologist Casey Corn as she helps guests rediscover long-forgotten family recipes.

One fan-favorite that will be returning for a third season is The Lost Kitchen. The show follows chef Erin French at her restaurant by the same name in Freedom, Maine. People across the globe travel to French's restaurant, where the menu is infused with her locally-sourced choices.

Snagging a reservation at the restaurant is no easy feat. French spoke with PEOPLE last April about the unconventional reservation process of asking people to send a postcard in to be chosen for a table.

French created the table lottery after a hectic year in 2017, and now the restaurateur receives over 20,000 a year.

She told PEOPLE that she keeps all the postcards she's ever been sent in her attic. "The cards are like love letters," she said. "You can't throw them away. They're people's hopes and dreams."

Silos Baking Competition airs simultaneously on Magnolia Network and Food Network on June 12 at 8 p.m. ET / 7 p.m. CT, and streams on discovery+ the same day.