Council moves to create $277 million infrastructure fund and grant special tax treatment to lakefront properties The Austin City Council took steps Monday to create a special tax zone to subsidize infrastructure development in a 118-acre area along Lady Bird Lake known as the South Central Waterfront. Plans for the zone call for the creation of amenities including a waterfront boardwalk, streetside rain gardens, commercial plazas, sculptures, amphitheater, and a disc golf course, as well as sidewalks, trails, and a revamped street network, at a cost of $277 million. A proportion of property taxes collected in the district would go to fund just those improvements, rather than the general fund.…