AUSTIN (KXAN) — The Austin City Council decided to designate an iconic Austin honky-tonk as a historical landmark on Thursday.

The Broken Spoke on South Lamar Boulevard has been around for nearly six decades after it was founded by owners James and Annetta White in November 1964.

The venue has hosted music greats like Willie Nelson and George Strait, as well as Bob Wills, Ernest Tubb and Tex Ritter.

The dancehall already received a Texas Historical Marker last year, according to online records from the Texas Historical Commission. However, this resolution designates the location as a “Historical Landmark” under city code.

City of Austin Historic Landmarks are eligible for local property tax exemptions and require the Historic Landmark Commission to review any exterior renovations or demolition plans.

“As the area around The Broken Spoke has prospered, and significant development has occurred, it is imperative to secure this venue from a fate suffered by many venues in the City,” the resolution reads. “Designating The Broken Spoke as a historic landmark will provide permanent protection to the structure and the operations of the venue.”

According to the resolution, the venue meets certain criteria to be approved for this designation, including that it maintains its character as a classic Texas dancehall and is associated with historical events.