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University Park leaders point to grants, private investment and TIF changes as drivers of recovery
Summary
At a village town hall, officials credited large private investments and multiple grants with shrinking debt, growing revenue and funding street, park and public-safety improvements; developers urged expanding a TIF district to unlock more industrial and mixed-use projects.
Mayor Joseph E. Bridal III and village staff told a packed University Park town hall that recent commercial projects, grant awards and tax-increment-financing changes have helped stabilize the village's finances and pay for infrastructure and public-safety upgrades.
"We cut debt to under 25,000,000, strengthened our bond rating, and unlocked over 36,000,000 in grants, including an historic 45,000,000 metro grant," Mayor Joseph E. Bridal III said, listing private investments the administration says have followed: Amazon ($150 million), Carvana ($48 million), Ryerson Century Steel and Wire ($50 million) and a new Kwik Trip location.
Why it matters: Officials said those revenues — together with TIF (tax increment financing) adjustments and new revenue from a rehabilitated golf course — have allowed the…
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