By Nolan Miles
P3 Kentucky Staff Writer
Public-private partnerships provide opportunities for local communities to combat some of the biggest issues facing the nation today. The city of Tucson, Arizona has recognized the benefits of utilizing P3s to address the growing poverty epidemic in the area in conjunction with the recent Tax Cuts and Job Act of 2017.
The new act has created “Opportunity Zones,” which are areas that are encouraged for long-term investment for low-income urban and rural communities nationwide. The introduction of Opportunity Zones creates a catalyst for additional public-private partnerships to generate new businesses and good paying jobs.
Tucson’s Rio Nuevo Multipurpose Facilities District is an example of a city grasping the chance to implement a successful P3, which “has leveraged $30 million in spending to generate $300 million in investment” as a result.
Click here to read more from the Tucson Metro Chamber.