The 10-mile trail could be extended by about a mile, adding an elevated boardwalk and a footbridge to Red Bud Isle, in the Colorado River.
Preliminary plans were offered to regents in June.
Florence Mayne, executive director of real estate for the UT System, says regents hope to get a final report, including an economic proposal, this month.
The nonprofit Trail Foundation helps maintain the path. Board member Griffin Davis says connecting Red Bud and making it safer for pedestrians would be "a wonderful thing."
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