Urban Fold

Downgraded, But Not Out

University Place, Washington is a small town struggling through the recession. With its credit rating recently downgraded and labeled a "negative outlook," the town is facing new challenges as it tries to emerge from the hole.

"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 Place cut its work force by 30% to save money. With growing unemployment, some residents lost their homes. Then, earlier this month, the coup de grace: Moody's Investors Service cut the credit rating on the city's debt and assigned it a 'negative outlook.'"

This town of 31,000 was building its new downtown mixed use project when the downturn struck, causing many prospective tenants to bail. Now the city's left with $48 million in debt on the project. But city leaders are still hopeful that the project will help bring the city's economy back.

Thanks to Nate Berg

Full Story: A City Slips as Downgrade Hits Home

Comments

Build Your Own Paper Block City

Urban Fold is an all-inclusive kit that allows anyone to build the city of their dreams with a few simple folds.
$24.95
building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25
Women's t-shirt with map of Los Angeles

City T-Shirts for the ladies!

Women's Supersoft CityFabric© Fashion Fit Tees. Now available in six different cities.
$24.00

Stay thirsty, urbanists

These sturdy water bottles are eco-friendly and perfect for urbanists on the go.
$19.00