What is the future of Waller Creek? The redevelopment of Austin's downtown creek has become a hot topic surrounding the Waller Creek Conservancy's international call for design plans that began in 2011.

This October, the field of four finalists will be narrowed down to one winner: a team that will be responsible for re-imagining Austin's dismal waterway into a multi-functional space that provides for community gatherings, education and performance.

Early Monday, Waller Creek Conservancy announced the first annual Waller Creek Conservancy Benefit concert that will take place just before the winning team's concept is unveiled. It also happens to be scheduled just before Austin City Limits Music Festival and will feature two of Austin's biggest acts gracing the fest's lineup.

Appropriately, the event will take place at Stubb's on Wednesday, October 10, featuring a headlining performance from Austin blues prodigy Gary Clark Jr., along with an opening appearance by indie folk darlings, The Wheeler Brothers. Consider it a perfectly timed kick-off for an exciting announcement about the future of downtown, not to mention a fun way to start one of Austin's most anticipated weekends of music.

All proceeds from the concert will go toward fulfilling the immediate goal of raising $1.5 million for Phase I of the project. Waller Creek Conservancy Members can purchase tickets now at two levels: Friends of Waller Creek and Champions of Waller Creek (at $75 per person and $600 per person, respectively). A limited number of general admission presale tickets are also available for $25; tickets officially go on sale to the general public for $30 on Friday, July 20.

Not all of the Waller Creek excitement is on hold until October, though. Monday, July 9 marks another important milestone for the future of Waller Creek: the beginning of the next phase of the Waller Creek Tunnel Project. "The idea behind this four-year project is to protect more than 40 buildings and take nearly 28 acres of downtown land out of the 100 year floodplain," reports KXAN.

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You can learn more about the Waller Creek Conservancy project and the four finalists here.