The 1st one is correct.

I would say the key to omitting repetitive parts is the symmetry. That is, if the two parts are structurally and conceptually symmetrical, the underpinnings of the first part can carry over to the second part smoothly. Your example's sub-structures are not symmetrical because you have a verb phrase indicating an action ("be updated") on the one hand, and an adjective indicating a state ("be available") on the other. So your sentence-1 is not as natural as it could be, and sentence-3 is unnecessarily repetitive. But you can rephrase the second part as "be made available" to mirror the first part, as in: - The report will be updated on a daily basis and MADE available at this link. (be updated ... <-> be made ...) I think this reads better than your original sentences.