Chicago Earned 10 Credit Upgrades in Late 2022

The City’s 10th rating upgrade over the last 3 months brings all City’s ratings to investment grade and is yet another testament to the City’s financial turnaround

Moody’s Investors Service (Moody’s) has upgraded the City of Chicago’s General Obligation (GO) Debt to a Baa3 rating. This upgrade marks the first upgrade the City of Chicago has received from Moody’s in 12 years.  The Moody’s upgrade of one notch from Ba1 to Baa3 brings every City of Chicago rating to an investment grade and serves as an independent acknowledgment of the tremendous financial accomplishments of the City to stabilize its finances…

“The City’s 10 upgrades from independent rating agencies and investment grade ratings across the board is external proof that the City has turned around its finances,” said Jennie Huang Bennett, Chief Financial Officer. “These upgrades are evidence that the City’s financial strength is not just focused in one or two areas but rather the financial improvements are being acknowledged across the city as a whole.”

Moody's also acknowledges the significant stabilization of the City's pension funds through increases in pension funding, the new policy that makes an advance pension payment and begins to pay down on the City's pension credit card. "Adoption of the [new pension funding] policy follows the elimination of a number of other debt-based budget relief maneuvers that Chicago had relied on, marking a decisive shift away from an era where the city balanced budgets at the cost of a deteriorating balance sheet." […]

These Moody’s upgrades are just the latest of 10 rating upgrades the City has achieved since August 2022. 

1. August 2022: Fitch Upgrades Chicago’s O’Hare General Airport Revenue Bonds (GARBs) to ‘A+’ from ‘A’.   

2. August 2022: S&P Upgrades Chicago’s O’Hare GARBs to ‘A+’ from ‘A’. 

3. August 2022: S&P Upgrades Chicago’s O’Hare Passenger Facility Charge (PFC) revenue bonds to 'A+' from 'A'. 

4. October 2022: Fitch Upgrades Chicago’s General Obligation (GO) Bonds to ‘BBB’ from ‘BBB-’ and upgraded their Outlook to ‘Positive’ from ‘Stable’. 

5. October 2022: Fitch Upgrades Chicago’s Sales Tax Securitization Corporation (STSC) Bonds to ‘AA’ from ‘AA-’ and upgraded their Outlook to ‘Positive’ from ‘Stable’. 

6. November 2022: Fitch Upgrades Chicago’s Water Revenue Bonds to ‘A’ from ‘A-’ and upgraded their Outlook to ‘Positive’ from ‘Stable’. 

7. November 2022: Fitch Upgrades Chicago’s Sewer Revenue Bonds to ‘A’ from ‘A-’and upgraded their Outlook to ‘Positive’ from ‘Stable’. 

8. November 2022:  Moody’s Upgrades Chicago’s General Obligation (GO) Bonds to “Baa3” from “Ba1,” with a ‘Stable’ Outlook. 

9. November 2022:  Moody’s Upgrades Chicago’s Water Revenue Bonds to ‘Baa1’ from ‘Baa2,’ with a ‘Stable’ Outlook. 

10. November 2022:  Moody’s Upgrades Chicago’s Senior Lien Sewer Revenue Bonds to ‘Baa1’ from ‘Baa2,’ with a ‘Stable’ Outlook and Junior Lien Sewer Revenue Bonds to ‘Baa2’ from ‘Baa3,’ with a Stable Outlook. 

Read more from the City of Chicago: https://www.chicago.gov/city/en/depts/mayor/press_room/press_releases/2022/november/FirstMoodysInvestmentGradeUpgrade12Years.html

Block Club: Knudsen To Install Security Cameras Across Ward As One Of His First Moves

LINCOLN PARK — Newly appointed Ald. Timmy Knudsen (43rd) said he will install new cameras throughout Lincoln Park, Old Town and the Gold Coast as one of his first initiatives.

Knudsen, who was sworn in Wednesday, told Block Club he’s looking into how other lakefront aldermen have used their aldermanic menu dollars to improve public safety. He’s also talking with Chicago Police community policing commanders to plan the new camera installations.

“I live in the Old Town Triangle and know public safety is the biggest concern among neighbors,” said Knudsen, who is a lawyer. “So the first thing we’re doing is looking at the menu dollars provided to each member of City Council to see where we can put them to ensure that families and children are safe.”

Read more on Block Club Chicago: https://blockclubchicago.org/2022/09/22/freshly-appointed-ald-timmy-knudsen-to-install-security-cameras-across-ward-as-one-of-his-first-moves/

Knudsen Statement on 43rd Ward Aldermanic Appointment

“I’m excited to get to work for the residents of the 43rd Ward,” says Knudsen as Community Leaders Rally Behind Appointment 

Chicago — Candidate for 43rd Ward Alderman Timmy Knudsen released the following statement on Mayor Lightfoot’s appointment.

“After hearing directly from residents over the last six weeks, it is clear that the 43rd Ward seeks fresh leadership and an alderman who is responsive and will facilitate community conversation around issues affecting the ward. Neighbors have told me that they want an alderman who will fight for public safety and public schools, foster open dialogue and champion local community leaders and organizations every step of the way. As Alderman, I will work every day to answer that call.

“As I have throughout my legal career, my public service chairing the Chicago Zoning Board of Appeals and my time as a grassroots organizer, I will be an advocate and consensus builder as alderman — someone who actively engages with people on all sides of an issue and seeks to find common ground. I bring a passion for private sector results to public service to reach creative solutions that will benefit our community. For one, I will immediately look to invest aldermanic menu dollars in public safety and innovate the ward office to provide top-tier constituent services that are the bedrock of any alderperson’s job. 

“I want to thank the 43rd Ward Appointment Committee and Mayor Lightfoot for their careful consideration, thorough review process and the opportunity to serve the 43rd Ward as Alderman. I am honored to have a new way to give back to the community I call home and the opportunity bring a fresh perspective tothe 43rd Ward and City Council. I look forward to building relationships with my colleagues in City Hall and getting to work for the people of Lincoln Park, Old Town Triangle and Gold Coast. 

“Since we launched this campaign six weeks ago, I’ve joined a team of dozens of volunteers to collect hundreds of signatures to get on the ballot and hear from voters directly. Whether it’s meeting residents at Oz Park, sitting down with community leaders over coffee, or knocking on doors across the ward, I’m confident this wave of grassroots support will power our team to victory in 2023.”

Knudsen’s candidacy is supported by prominent 43rd Ward and civic leaders through formal letters of recommendation in the appointment process. 

“Through my experience with Timmy and my unique knowledge on what it takes to lead with strength and thoughtfulness in the 43rd Ward, I can say in confidence that Timmy will be an excellent representative of our community and skillful advocate on City Council,” said Caroline Vickrey, who came within 79 votes of the incumbent 43rd Ward Alderperson in 2015. “I believe that Timmy has the perfect combination of qualities that make him ideal for leading and serving the 43rd Ward. His optimism and energy are contagious, and he inspires collaboration, creative thinking and dynamic progress. He is a brilliant lawyer, but is also wise beyond his years, with a unique ability to quickly read a room and negotiate interpersonal dynamics to move a group forward in a transparent and effective manner. At the same time, his humility is palpable, which allows him to connect with people in a very human way. In short, he is a natural leader – leading by example, with enthusiasm, experience and empathy.”

“I firmly believe that Knudsen’s personal leadership capabilities and level-headedness are an ideal match for our dynamic and involved constituency,” said Jared Smith, longtime 43rd Ward resident and Co-Founder of RXBAR. “Beyond [his] formal roles, I also know Knudsen to be a committed mentor to first time founders from diverse communities. The combination of Knudsen’s love for public service, professionalism and business acumen makes him an ideal fit to serve our 43rd Ward and represent us fiercely to Chicago City Council. From experience with Knudsen, I have no doubt that he will bring the strong worth ethic and creativity our City needs as it recovers from a once in a lifetime pandemic. Knudsen is a unique kind of leader, and I strongly recommend his appointment to 43rd Ward Alderperson.”

“Knudsen is a leader who has been on my radar for years, due to his consistency in showing up to do the unglamorous work and his championing of others in doing so,” said Art Johnston, legendary LGBTQ+ activist, co-founder of the Illinois Federation for Human Rights (now known as Equality Illinois) and owner of Sidetrack. “Timmy has a rare skill in making all kinds of people believe more in themselves, and I am so happy this day has come where he is seeking public office.”

“We have the opportunity to continue to make history and advance LGBTQ representation with the appointment of the 43rd Ward Alderman. Victory Fund joins leaders in Chicago’s LGBTQ community in supporting Timmy Knudsen for Alderman. He would be the first openly gay representative of the 43rd Ward. Knudsen’s visibility as an out gay man pairs with his proven leadership ability—qualities that will serve ward residents and the entire Chicago City Council,” said Annise Parker, President and CEO of Victory Fund. “We have no doubt that Knudsen’s leadership style and approach will advance the priorities of Chicago’s 43rd Ward for all of its residents, particularly those who have been traditionally underrepresented. And his service in the role will give queer youth a role model in the halls of government, inspiring other LGBTQ leaders and leaders to-be at all levels of government.”

“Timmy’s strong leadership qualities and his results-oriented approach will be a vital tool in advancing Chicago’s 43rd Ward for all of its residents,” said Justin DeJong​, Board Chair of Equality Illinois. “Timmy has been a leader in the LGBTQ+ community in Chicago for years, always from his home base in the 43rd Ward. He has served our community directly, through past membership on the Equality Illinois PAC Board and LGBTQ Chamber of Commerce of Illinois Board, and indirectly, through steadfast advocacy in getting LGBTQ+ judges elected in Illinois and his openness and visibility as a gay leader in Chicago’s legal community.”

“In my work with Timmy over the years, it is clear to me that Timmy understands that the fight for LGBTQ+ rights is complimentary, and attached, to the fight for the civil rights of all historically marginalized communities,” said Brian C. Johnson, CEO of Equality Illinois. “I have no doubts Timmy will champion the rights of the LGBTQ+ community as well as the rights of BIPC Chicagoans, women, and religious minorities.”

“I appeared twice in front of the 43rd Ward Judicial Review Board that Timmy chairs, and both times I was impressed by the uniquely independent process put together in the ward,” said recently elected Cook County Circuit Court Judge Mike Weaver. “After I received high marks from the Board, Timmy went above and beyond to help me with advice on my campaign, which included building coalitions of support and navigating the general slating process.”

In addition to the letters of recommendation submitted in the application, Knudsen submitted a supplemental letter of community support signed by over one hundred 43rd Ward residents and Chicago civic leaders such as Ali Khan, Chief Medical Officer at Oak Street Health; Julie Jahn, former Board Chair of the Lincoln Park Conservancy; William Kent Beach, Board Chair of the Design Museum of Chicago; Mark Ishaug, CEO of Thresholds; Tom Kehoe, Founder of Kehoe Designs and the Geraghty; and many more.

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Knudsen Campaign Response to Caps Being Broken in 43rd Ward Race

Knudsen Gathers Petitions on First Day of 2023 Municipal Campaign Season

Candidate Launches Campaign Website and Social Media Channels

Lincoln Park, Chicago — On the first day of petition gathering that kicks off the 2023 municipal election cycle, Timmy Knudsen introduced himself to residents outside a local coffee shop and gathered signatures to run for 43rd Ward Alderman.

“It’s time for fresh leadership in the 43rd Ward, and I’m energized to run for alderman as a consensus builder and advocate for safe streets, strong schools and vibrant communities,” said Timmy Knudsen, candidate for 43rd Ward Alderman. “This morning, my campaign hit the ground running, and I was thrilled to meet voters and humbly ask for their signatures to get on the ballot.”

While a formal campaign kickoff is forthcoming, Knudsen launched the website Knudsenfor43.com and social media channels to introduce himself to ward residents as he continues to meet voters block by block. 

Knudsen’s candidacy was endorsed in the appointment process by the following leaders:

• Caroline Vickrey, who came within 79 votes of the incumbent 43rd Ward Alderperson in 2015

• Jared Smith, longtime 43rd Ward resident and Co-Founder of RXBAR

• Justin DeJong​, Board Chair of Equality Illinois

• Art Johnston, legendary LGBTQ+ activist, founder of Equality Illinois and co-owner of Sidetrack

• Ali Khan, Chief Medical Officer at Oak Street Health

• Julie Jahn, former Board Chair of the Lincoln Park Conservancy

• William Kent Beach, Board Chair of the Design Museum of Chicago

• Mark Ishaug, CEO of Thresholds

• Tom Kehoe, Founder of Kehoe Designs and the Geraghty

The 43rd Ward includes Chicago’s Lincoln Park, Old Town and Gold Coast communities.

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Knudsen Announces Candidacy for 43rd Ward Alderperson

Filing A Day Early, Knudsen Shares Support of Over 100 Residents and Civic Leaders including Caroline Vickrey, Jared Smith and Art Johnston

CHICAGO — Timmy Knudsen is officially announcing his candidacy for the 43rd Ward alderperson, filing an application to fill the vacancy with the City of Chicago on Thursday, one day ahead of the deadline.

“When Alderperson Michele Smith announced her retirement from public service last month, I was overwhelmed with support and encouragement from 43rd Ward residents and local leaders alike,” said Timmy Knudsen. “I am proud to answer their call and put my name in the running for 43rd Ward Alderperson. The selection of the next Alderperson of the 43rd Ward is a momentous opportunity for fresh leadership in Chicago’s Lincoln Park, Old Town and Gold Coast communities.”  

Knudsen has called the 43rd Ward home for seven years, currently residing in Old Town Triangle after spending four years in Lincoln Park. He has formed deep community roots through door knocking for policy mobilization and petitions, organizing a large (and “socially distanced”) food drive during the pandemic, and serving as a local voter protection officer on several election days. 

His professional experience includes serving as an attorney for innovative start-up companies, founders and their investors, as well as representing LGBTQ+ applicants for asylum in Chicago and Tijuana, Mexico. He has served on the Chicago Zoning Board of Appeals since 2019, and as Chairman since 2020. Knudsen has worked as a grassroots organizer and Chairperson of the independent 43rd Ward Judicial Candidate Review Panel. He also serves on the Board of Equality Illinois PAC and The '33 Council, an advisory group of tech growth non-profit P33 Chicago.  

Knudsen began his candidacy by meeting with local leaders to discuss solutions for the 43rd Ward’s most pertinent issues, and his initial platform includes pillars of championing neighborhood associations, public safety and public schools.

“Our ward is filled with Chicago's most beautiful parks, historic streets, and opportunities for small businesses. It is full of families who want safe neighborhoods and the very best schools for their children. It is brimming with a hope, energy and possibility that inspires me every day,” added Knudsen. 

Knudsen’s candidacy was endorsed through formal letters of recommendation by Caroline Vickrey, who came within 79 votes of the incumbent 43rd Ward Alderperson in 2015; Jared Smith, longtime 43rd Ward resident and Co-Founder of RXBAR; Justin DeJong​, Board Chair of Equality Illinois; and Art Johnston, legendary LGBTQ+ activist, founder of Equality Illinois and co-owner of Sidetrack. 

In addition to the letters of recommendation required in the application, Knudsen submitted a supplemental letter of community support signed by over one hundred 43rd Ward residents and Chicago civic leaders such as Ali Khan, Chief Medical Officer at Oak Street Health; Julie Jahn, former Board Chair of the Lincoln Park Conservancy; William Kent Beach, Board Chair of the Design Museum of Chicago; Mark Ishaug, CEO of Thresholds; Tom Kehoe, Founder of Kehoe Designs and the Geraghty; and many more.

As he puts his name in the running to represent the 43rd Ward, Knudsen will be on leave from his role as Chairman of the Chicago Zoning Board of Appeals until the Mayor has made an appointment. He has established the ‘Friends for Timmy Knudsen’ campaign committee with the Illinois State Board of Elections. 

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