Jackson (Xanadu, Finian's Rainbow) and Rapp (Rent, upcoming If/Then) are part of a cast that also includes Mitchell Jarvis, Camille Cregan and Jessica Lauren Richards.
The comedy, which concerns a high school production of William Shakespeare's A Midsummer Night's Dream, was penned by Ryan Dixon, Nena Girsch and Jack Henry Robbins; the latter is also directing.
The motion picture, which will begin filming in Los Angeles this summer, follows "the on-stage disasters and off-stage drama of a group of students, their teacher and a visiting B-list TV star on the [play's] big night," according to Deadline.com.
Producers are Eric B. Fleischman and Girsch; Dixon is executive producer.