Obama Center's reserve fund shortfall raises taxpayer concerns
Amid soaring costs and unfulfilled promises, the Obama Presidential Center project in Chicago has sparked fears that taxpayers could be left footing a massive bill.The Obama Foundation, tasked with building the center in Jackson Park, has deposited just $1 million into a pledged $470 million reserve fund meant to shield taxpayers, while project costs have surged from $330 million to at least $850 million, raising concerns about financial accountability, as Fox News reports.
In 2018, the Obama Foundation secured a deal with the city of Chicago to build the Obama Presidential Center on 19.3 acres of public land in Jackson Park under a 99-year "use agreement" for just $10.
This arrangement granted the foundation control over the historic park site on the city’s South Side. The agreement included a commitment to establish a $470 million endowment to protect taxpayers from future financial burdens.
Only $1 million -- equivalent to 0.21% of the pledged amount -- had been deposited into the endowment fund. That figure has not increased since the groundbreaking in September 2021.
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1 comment:
The whole library thing doesn't make any sense to me. To me a library is a place for books. Why not call it a museum. Why have it at all? What do we need it for? Half the country hates all of the Presidents. Why not have a Foundation? Something that does some good for somebody. We spend a lot of time kidding ourselves!
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