For almost two decades, state inaction left a neglected and blighted property perched like a stain on Preston’s waterfront. Norwich Hospital, a former psychiatric facility, was allowed to fall into ruin since the state closed it in in 1996.

In recent years, however, the small town of Preston, having assumed ownership and renamed it Preston Riverwalk, has worked with the Malloy administration to gradually raze the old buildings and clean up the property. Yet until now, no private party has been willing to make a real commitment to developing this exceptional site on the Thames River.

All of that is about to change.

The Mohegans, who on Friday announced their plans to purchase the nearly 400-acre property, have a powerful vision for the Preston Riverwalk. Working together with the Town of Preston and with assistance from Gov. Dannel P. Malloy and the Department of Economic and Community Development, the tribe seeks to invest in this unique waterfront property with new, non-gaming property tax paying development that will include business and residential facilities. This initiative will boost Preston’s economy, create new jobs, and secure eastern Connecticut’s status as a hub for tourism and commerce. Voters should approve the memorandum of understanding today. It’s a major investment in our region’s future that will bring clear, tangible benefits to all of Preston’s residents.

Redeveloping Preston Riverwalk will take many resources. Fortunately, every partner involved in the project is committed to making this happen. The Mohegan Tribe is prepared to contribute $11 million to the project, funding that will help guarantee the project’s success. Connecticut’s Department of Economic and Community Development is ready to contribute $10 million in brownfield remediation funding to clean up the remaining contaminated hospital site, an investment that’s good for Preston’s environment and its economy. Finally, the State of Connecticut is willing to amend the $2 million loan that the town currently owes if the proposal passes, representing a significant vote of confidence in Preston’s financial future.

If Preston residents approve the redevelopment proposal, the town and the Mohegans will move quickly to start work on the project, negotiating a contract over the next six months and beginning construction over the next three years. When the site is finished in five years, it’s not hard to envision a bustling scene along the Thames River, with recreational facilities, visitor attractions and local businesses operating side-by-side.

Building and running this thriving waterfront complex will require massive amounts of time and talent, which is why the Riverwalk project is expected to generate up to 700 solid, permanent jobs.

By replacing a once rundown and now largely vacant property with new and exciting development, the Preston Riverwalk project will also draw tourists from New England and beyond to the region.

As the head of the region’s Chamber of Commerce and the chair of the Greater Mystic Visitors Bureau, I’ve been thrilled to see a growing number of visitors coming to discover Connecticut’s special appeal. According to the Connecticut Office of Tourism, 2015 was a major year for the industry, with attractions across the state seeing increased attendance, hotels experiencing higher occupancy, and local business making more sales to out-of-towners.

The tourism industry is a boon to Connecticut, and the Preston Riverwalk project is an opportunity to support its continued growth — something that’s in every resident’s best interest.

Voters who consider this proposal would also be wise to recognize the value of the Mohegan Tribe’s partnership. The Mohegans are not some out-of-town real estate developer looking to make fast money in Connecticut. They’re a tribe with deep roots in our state that stretch back for centuries, and they’re committed to helping our communities. The Mohegan Tribe wants to see towns like Preston succeed and thrive, and they’re investing in this vision through the Riverwalk revitalization project.

Preston residents have the chance to make a real difference by voting in favor of the MOU. And they should take heart in knowing that they’ll have the ultimate say on whether this project should go forward when the Mohegans come back to Preston with a detailed plan.

By replacing a too long neglected former state property with new and innovative development that will attract tourists and create jobs, Preston and the Mohegan Tribe can bolster the local, regional, and state economies and help secure eastern Connecticut’s success for decades to come.

Tony Sheridan is the president of the Chamber of Commerce of Eastern Connecticut. At a town meeting Thursday, Preston voters will be asked to approve a memoradum of understanding setting the groundrules for negotiating the sale of the former Norwich Hospital property to the Mohegan Tribe.