The Hole In The Wall music venue has secured a 20-year lease and will remain open to celebrate its 50th anniversary next summer, thanks largely to $1.6 million in assistance from the city’s Iconic Venue Fund.

Will Tanner, who purchased the club located on the stretch of Guadalupe Street known as The Drag in 2008, signed the new lease agreement – an initial 10-year lease with two five-year extensions – with The Weitzman Group realty firm on Monday. The signing followed 10 months of negotiation and work with staff from the city and the Austin Economic Development Corporation to become the first recipient of city funds allocated to preserve culturally significant music venues.