A story on the Wall Street Journal’s website this morning highlights University Place as a poster child for municipal financial meltdowns nationwide.

Long a model American community with high-performing schools, beautiful parks and rising real estate values, this city of 31,000 on the Puget Sound has lately turned into a reluctant showcase for the downgrading of America.

It was in the midst of building a new downtown virtually from scratch when the financial crisis set in three years ago, leaving the city with a big debt and little of the new tax revenue it expected by now.

So, University

…

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The city of University Place announced Friday that its credit rating has been downgraded.

Moody’s, one of the three major credit rating agencies, cited the city’s high debt burden and diminished ability to meet those obligations in lowering the rating to A2 from A1.

Moody’s A investment grade are obligations of “upper-medium grade” subject to low credit risk. It also gave the city a negative outlook, meaning there’s a risk of another downgrade over the next 18 months.

Although lower, Eric Faison, assistant city manager of administrative services, said the new rating is still a good one.

“I can’t emphasize …

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The University Place Police Department finished moving into the civic and library building this week.

The department had shared space with University Place Fire Department, now West Pierce Fire and Rescue, in the old public safety building across Drexler Drive. The building opened in April 2002.

The fire department had wanted more space in anticipation of the voter-approved merger of Lakewood and University Place fire departments into West Pierce, which began operations earlier this year.

The department had built the building, and city made debt payments so the department could use 3,200 square feet within. In 2009, the fire department …

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Groups have until tomorrow, Nov. 29, to register for the 1st annual “Duck the Halls” Caroling Competition in University Place. UP for Art is sponsoring the event as a benefit for Families Unlimited Network and the UP Food Bank.

On Saturday, dog owners can get pictures with their pets and Santa Claus as a fundraiser to benefit the off-leash dog park in University Place.

The contest will take place from 6:30 p.m. to 8:30 p.m. on Dec. 9 in the University Place Market Square, located in front of the new civic and library building.

The contest is restricted to people …

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The University Place City Council reduced Monday night the fee it assesses developers to help pay for improved streets to accommodate growth.

Other revisions to the traffic impact fee include offering credits and allowing payment of the fee in installments.

The revisions are intended to drive retail business into the city and, in some cases, would eliminate the fee altogether for retailers that generate a lot of sales tax.

The council vote was unanimous.

Councilman Ken Grassi said the changes are innovative and “give us the competitive edge we need to get Town Center going,” referring to the mixed-use development …

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Development and business interests are the biggest contributors to this year’s University Place City Council races, according to an analysis of state campaign finance data.

Nearly 30 cents of every $1 of reported cash contributions to the six candidates came from five contributors: the Master Builders Association of Pierce County or its political action committee; the owner of the Green Firs Village Shopping Center or its manager; and University Place developer Brian McGuire.

Contributors gave a total of $21,420.41 in reported cash so far, according to reports from the state Public Disclosure Commission.

The MBA contributed a total of $2,400. …

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Plans to construct an apartment-retail building at University Place’s Town Center project are moving forward.

The Tacoma-based developer and builder, SEB Inc., deposited $24,000 in earnest money last week, and co-owner Steve Berg said he was “very confident” it will complete the project.

“Everything that we can manage points to a 100 percent go on the project,” he said Monday.

The movement on the project is encouraging news for city officials who have long sought the first private sector tenant for its 17-acre property along Bridgeport Way – and for a return on the tens of millions in public dollars …

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With ballots in the mail soon, University Place residents have several ways to learn more about the six City Council candidates.

A questionnaire completed by each candidate is available here at The News Tribune’s Election Database. My story about the candidates’ views on Town Center is available here.

UPTV has a video voters guide and the candidates forum sponsored by the League of Women Voters viewable online here. Last week’s candidate forum sponsored by the University Place-Fircrest Chamber of Commerce will be online soon.

Twitter: @TNTchill