Waller Creek Conservancy accepts $5M donation

The Waller Creek Conservancy has received a $5 million donation intended as a kick-start to fundraising efforts for the nonprofit organization created to revitalize the waterway that runs through a prominent portion of downtown Austin. The donation came from a pair of Austin businessmen – World Class Capital founder and CEO Nate Paul, and Brian Sheth, who is a co-founder and president of Vista Equity Partners – and will be used to fund a variety of improvements along the creek where a series of urban parks are planned for construction in the coming years. Last year the Moody Foundation donated $15 million to the conservancy to fund the construction of a 5,000-capacity amphitheater at Waterloo Park, which is a component of the creek project. Even more money may soon be headed toward the conservancy: City Council is expected to vote this week on extending the duration of the tax increment financing district that was at first created to pay for the Waller Creek tunnel project that itself was initiated to control flooding along the creek and take several large parcels downtown out of the flood plain and make them eligible for development.