The URC, set up as one of three pilots in 1999, is praised for helping to deliver key projects, particularly the £380 million Kings Waterfront scheme.
The report, commissioned by the government and produced by consultancy SQW, is the first interim evaluation of a URC. It says that the body has provided a strong strategic focus and secured additional public funding for the city.
The review also notes that the revival of the city centre's property market would have been "significantly more fragile" without its influence.
But it adds that the URC has found it difficult to ensure that its partners pursue all aspects of its strategic regeneration framework.
It says there is little evidence that Liverpool Vision has monitored the framework's implementation and needs to do more to raise its profile.
Liverpool Vision chief executive Jim Gill said: "The findings and recommendations provide a solid base for the regeneration work already under way to carry on into the next decade." Reviews of the Manchester and Sheffield pilots are due next year.
The report can be viewed via www.PlanningResource.co.uk.