The cost to build former President Barack Obama’s presidential center in Chicago has ballooned to a whopping $850 million—almost three times the original $300 million estimate from when the project kicked off.
As of late 2024, the Obama Foundation has already poured more than $615 million into the Obama Presidential Center, tucked away in Jackson Park on the city’s South Side, according to the Chicago Tribune. Those expenses keep climbing: Back in 2017, when designers unveiled the plans, the budget hit $500 million. By 2021, construction costs alone jumped to $700 million, pushing the total estimate to $830 million. Now, the nonprofit behind it all pegs the final tab at $850 million, per foundation spokeswoman Emily Bittner.
The center, originally set to open this year, now aims for spring 2025. It’s shaping up as a key spot to celebrate Obama’s legacy, complete with exhibits, gardens, and community spaces.
On a brighter note for the foundation, its net assets just crossed $1 billion for the first time. They raised $195 million last year from nearly 92,000 donors, giving the project a solid financial boost.
But not everyone’s cheering. When the deal was first signed, the Obama Foundation promised a $470 million reserve fund to shield Chicago taxpayers from any overruns. Recent tax filings reveal just $1 million has been set aside so far, with zero new deposits lately.
Illinois GOP Chair Kathy Salvi didn’t hold back, slamming the Obama Presidential Center as an “abomination” that could stick taxpayers with the bill. “It should come as no surprise that the Obama Center is potentially leaving Illinois taxpayers high and dry—it’s an Illinois Democrat tradition,” she told Fox News Digital. Salvi accused state Democrats of treating public money like a “personal piggy bank” for their allies, especially amid ongoing corruption scandals.
The Obama Foundation and the Barack Obama Presidential Library haven’t responded to requests for comment from FOX Business. As construction pushes forward, questions linger about how the rising costs will play out for Chicago’s budget and the center’s future.
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