Here are 5 things to know this week if you live in Central Austin: 1. Austin City Council will decide Thursday whether to remove a restrictive covenant at the Villas on Town Lake, located at 80 Red River St., Austin, that would allow a future developer to build more than 68 units on the property. The Sutton Co. is close to finalizing a sale with the owners of the condominium complex, and the council members' decision could determine whether the Sutton Co. builds a 420-unit residential complex, a hotel or an office building. Those opposing the removal of the covenant say more residential units will worsen traffic congestion in the Rainey Street district. 2. The CodeNEXT team, which is tasked with drafting the new Austin land development code language, has released its recommendations for addressing fiscal health in the city. The report examines key Austin issues such as building sustainable infrastructure, maintaining existing and future public infrastructure, supporting efficient city services and leveraging private and public investments. Citizens will have a chance to weigh in on these topics next Monday during the Code Prescription public discussion. 3. The Austin-Round Rock metropolitan statistical area had an unemployment rate of 3.5 percent during the month of August, giving it the second-lowest rate in the state during that period, according to data released by the Texas Workforce Commission on Friday. The MSA was below Texas’ seasonally adjusted average unemployment rate of 4.7 percent. Stephanie Bergara of the city of Austin Music Office (left) and performer Andrew W.K. are on stage during the 2015 FunFunFun Festival.[/caption] 4. FunFunFun Fest has been canceled this year. Stratus Properties, who owns the Austin music and comedy showcase that was held on Auditorium Shores, is looking for an operating partner and plans to relaunch the festival during Halloween weekend of 2017. 5. The Texas Department of Transportation is holding a citizen open house to discuss the proposed 7-mile I-35 improvement project on Tuesday from 4:30-6:30 p.m. at the Memorial United Methodist Church, 6100 Berkman Drive, Austin. The road project, called Central7, would cost between $550 million and $850 million. It would add an express lane in each direction of I-35 between Riverside Drive and US 183. Citizens unable to attend the meeting can share their thoughts online until Oct. 4.