AUSTIN (KXAN) — The City of Austin is getting $15 million to restore more than 37 acres of green space along Waller Creek.

It is the biggest gift for parks and public open space in the city’s history. The Moody Foundation has donated the money to build a new trail to connect the University of Texas to Butler Trail. The goal is to help turn the area into a connected chain of parks in downtown Austin.

An iconic outdoor public amphitheater will be created to transform Waterloo Park into the northern end of the Waller Creek district. The performing arts venue will be named the Moody Amphitheater to honor their generous donation. It will be able to hold 5,000 people for concerts, cultural and performing arts events.

“The Moody Amphitheater will be a place where nature, culture, and community come together,” said Peter Mullan, Waller Creek Conservancy CEO.

The Waller Creek Conservancy non-profit works to maintain the parkland and keep Austin green with beautiful landscapes throughout the city. A new park space will be created along Waller Creek between 7th and 9th Street to revitalize the urban area. Additionally, the funds will be used to create a new pedestrian bridge across Lady Bird Lake.

“The gift speaks volumes in support of the leadership, vision, and dedication of the Conservancy, as well as endorses the idea of public/private/non-profits working together to create a better community,” said Sara Hensley, Director of the Austin Parks and Recreation Department. “We are proud to be a partner with the Conservancy and their efforts to revitalize this area for the Austin community.”