The Austin City Council is considering extending a Tax Increment Reinvestment Zone to partially fund a $355 million plan to turn the area around Waller Creek into a chain of parks.
During Tuesday's City Council Work Session, city staff updated council on a resolution they passed last September to find funding options.
Back in 2008, the city council created a Tax Increment Reinvestment Zone to fund projects along Waller Creek. It's set to expire in 2028 so the current council is considering extending the zone until 2041.
The plan is to convert 35 acres of public land around Waller Creek into a chain of four parks complete with three miles of trails, a performing arts venue, gardens and more.
"I'm not sure that anything that city council does will be remembered in 100 years, other than what will be our equivalent of Central Park," said Mayor Steve Adler during the session.
The Waller Creek Conservancy was created to help the city plan and fund the project.
The City Council will hold a public hearing on the plan to expand the Tax Increment Reinvestment Zone on May 24th.