Local opinion: Rio Nuevo has been essential to the downtown renaissance

and analysis of the writer:

The recent criticisms of Rio Nuevo have been unfair and uninformed. Since it was restructured in 2012, Rio Nuevo has been an essential and critical partner in the amazing revival of downtown Tucson.

When I started my career as a lawyer in 1972 in the Valley National Bank Building, downtown was the business, commercial, retail and entertainment epicenter of our community. But that was to quickly change.

The 1970s saw the rapid decline of downtown. Major department and other retail stores such as J.C. Penney, Steinfelds, Jacome’s, and Cele Peterson’s either closed or relocated to a shopping center. The Fox Theatre and the Rialto shut down. Law firms, accounting firms and other businesses relocated their offices to new high rises away from downtown. Slowly but steadily, smaller retail and restaurants went out of business.

For years, downtown languished. But, recognizing the importance of a vibrant downtown to the economic, social and cultural foundation of our community, the public and private sectors united to rebuild downtown.

In 2007, TREO, the regional economic development organization (now know as The Chamber of Southern Arizona) conducted a comprehensive analysis of the region’s economy that included specific recommendations for actions that should be taken in order to build a strong, balanced economy. The report recognized the importance of a vibrant downtown.

The community responded. Recognizing the importance of a vibrant Downtown to the economic, social and cultural foundation of our community, the public and private sectors united to rebuild downtown. And it succeeded. Downtown has once again become the region’s center for entertainment, commerce, dining, and culture.

Rio Nuevo has played a critical role in the downtown renaissance. Since 2012, Rio Nuevo has invested almost $200 million in 119 projects throughout the Rio Nuevo District. In most cases, the funds required a developer match for a much larger investment in our community. The total cost of the Rio Nuevo-supported projects was almost $800 million – four times the amount invested by Rio Nuevo.

Rio Nuevo investments aren’t handouts. Funding is contingent on detailed and extensive developer requirements. The investments that have been made were balanced and included retail/restaurant/bar projects as well as mixed-use, hotels, offices, cultural and historic renovation projects. A substantial investment was made in the Tucson Community Center.

Proposed projects are carefully scrutinized by the Rio Nuevo Board and staff. Each major project must provide an economic impact report that demonstrates that the financial support provided by Rio Nuevo and reduced property taxes won’t have an adverse impact on local government. The benefits to the community must outweigh the costs.

The successful rejuvenation of downtown has been achieved because a coalition of diverse interests united with a common goal. Pima County, the City of Tucson, Rio Nuevo, Downtown Tucson Partnership, private sector businesses such as the Oseran’s Hotel Congress and Maynard’s, Bourn Company, HSL Properties, Peach Properties and others saw the great potential and took the risk. It’s paying off. Hopefully for them, but certainly for the entire community.