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Suddenly there's a lot going on with Rio Nuevo and yet, as ever, there is not. There's movement both on the public-financing and private-development fronts. But the public officials involved have often let us down, and private developers face tremendous challenges during an economic and credit crunch. Thus, we wait and watch.

First, the mayor and City Council voted unanimously on Wednesday to approve selling nearly $454 million in bonds beginning this year and continuing into 2014. Rio Nuevo officials vow that money from the bonds, which will be repaid with revenue from the project's tax-increment financing, or TIF, will pay to build every project now on the Rio Nuevo list — museums, an arena, the West Side Tucson Heritage Origins Park and much more.

The council also approved a motion by Ward 2 Councilman Rodney Glassman asking Rio Nuevo officials to provide an annual detailed financial accounting and progress report at the council's first September meeting, beginning in 2009, and to follow up with meetings in each ward.

Given Rio Nuevo's abysmal performance in accounting for the $77 million spent so far, this is not enough.

Transparent, complete and easily understood updates should be made to the public at least twice a year. More often would be better. More West Side plans

Second, there's the promise of more redevelopment on the West Side: The mayor and council approved a deal giving the Gadsden Co. the rights to develop a $300 million project on 14.3 acres south of Congress and north of the planned Tucson Heritage Origins Park.

Gadsden's four-phase plans for the eight-block area include building 400 homes (140 of these will be affordable to lower-income residents), retail shops, a 125-room hotel and offices.

"We are setting the standard for mixed-use housing," said Gadsden partner Adam Weinstein. "It's a blended model. There's no stigma. Your home will look the same from the outside in terms of quality as mine."

Phase 1, beginning in March 2009 and scheduled for completion in early 2011, is a building on the corner of Congress and the new Avenida del Convento that will include 125 units of housing, retail shops and parking a half-story underground.

The housing will include "affordable" units, available to buyers who earn up to 80 percent of the area median income and "workforce" units, which are available to those who earn up to 125 percent of the median, as well as market-rate housing.

Conceding that credit markets are tight, Weinstein said that because Phase 1 has a major component of affordable and workforce housing, it will be easier to finance.

Thus, between now and next year, when Gadsden expects to go for a construction loan, the developers will finish their design and get to work on infrastructure using their own cash, Weinstein said. During this period, they will begin presales, including helping to arrange down payment, first-time buyer assistance and HUD financing for lower-income buyers. Adding to city housing fund

Gadsden agreed to contribute 1 percent of residential sale proceeds, or about $1.3 million, to the city's affordable-housing trust fund. And Gadsden is contributing $250,000 to the trust fund to underwrite the first 35 affordable units.

The second phase includes a public market connected by roof across Linda Avenue, a new street that will run between Congress and Cushing, to a garage with retail shops and a grocery; an office complex; and the boutique hotel, which will be operated by Hoteles Quinta Real of Mexico.

"The hotel will have sophisticated convention facilities that we hope will dovetail with the university's needs," Weinstein said. The planned University of Arizona science museum and state museum would be south of the hotel.

The final two phases are courtyard housing, again mixing affordable, workforce and market-rate units.

The current timetable is to complete work in spring 2014. But City Manager Mike Hein said in a memo to the council outlining the deal that the agreement leaves room for adjusting construction schedules because of "the volatility of the real estate market and the economy."

Can Gadsden deliver?

Gadsden partner Jerry Dixon is optimistic, of course.

"The development agreement is very conservative," Dixon said. "We lose the land if we don't deliver. The variable is the timeline. What's working against us is the I-10 construction and the huge mound of dirt on the (West Side) site. It looks frightful over there.

"But 16 families have moved into Mercado at Menlo Park (across Avenida del Convento, and being developed by Rio Development, owned by Dixon's son and a partner) and construction of four more homes is under way. And I-10 will be done in spring 2010 and the Cushing Street bridge (over the Santa Cruz) will be done in spring 2010." Aiming for affordable living

Gadsden also is building Mercado San Agustín on Congress, across Avenida del Convento from the site of the new project. Dixon said the shell walls on the 14,000-square-foot market will be up by December. The market is already 100 percent leased by local and regional retailers, including 18 small restaurants.

The Gadsden partners are passionate about their plans. Weinstein noted that the Mercado San Agustín is being built with Gadsden cash, $4 million of it. Dixon said last week that builders' private investment on the West Side is nearing $28 million.

There is a vision driving the work.

"What we are doing is building affording living, not just affordable housing. Your expenses for maintenance, insurance, car, loans, taxes, utilities and common area should be at 40 percent or less of income," Dixon said. "That's our goal.

"Because of gas prices, you cannot afford any more to drive out to where you can afford to buy a home. We've already put in a bus bay on Congress, and that's where the street car will turn around. Within the area, we hope you'll park and walk or bike."

Dixon believes Tucson's "rebirth" will take place within three blocks on either side of the new streetcar line, which will run from Congress near Avenida del Convento, to Cushing, through Downtown, past the UA and to its other terminus at University Medical Center.

We hope the private developers are successful in these perilous economic times.

As for the Rio Nuevo bonds, once again, it is imperative to be transparently accountable in going to the markets for the bonds, and in spending the money raised. Of course we want to see Rio Nuevo succeed, but we need to see progress backed by full financial data. Then we might begin to be hopeful.