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The estimated price tag for building former President Barack Obama’s Presidential Center in Chicago has reportedly risen to $ 850 million – Almost triple the original estimate of $ 300 million that was first proposed when the project was devised.
The Obama Foundation reported that it had already spent more than $ 615 million on the Obama Presidential Center, which is located in Jackson Park on the south side of the city, from the end of 2024, The Chicago Tribune reported.
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The expected costs of the center have grown steadily over the years. The estimated budget reached $ 500 million when the design was unveiled in 2017 and then rose to $ 700 million in 2021, exclusively for the construction costs, with the total estimated costs of $ 830 million, De Tribune reported.
Former President Barack Obama moderates a conversation during the Democracy Forum of the Obama Foundation’s 2024 on December 5, 2024 in Chicago, Illinois. (Scott Olson / Getty Images / Getty images)
The non-profit organization established in Chicago now places the latest estimate at $ 850 million, according to the newspaper, stating the spokeswoman for the Obama Foundation Emily Bittner.
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The presidential campus, originally planned to open this year, is expected to be opened this spring, reported the Chicago Tribune.
The estimated price tag for building former President Barack Obama’s Presidential Center in Chicago has reportedly risen to $ 850 million, Almost triple the original estimate of $ 300 million that was first proposed when the project was devised. (Stephen Compton)
The Netto assets of the Obama Foundation recently reached $ 1 billion for the first time after collecting $ 195 million last year of nearly 92,000 donors, the Chicago Tribune reported, referring to the foundation.
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When a deal was closed to build the center, the Obama Foundation had promised to create a $ 470 million reserve fund to protect taxpayers. But new tax applications show that only $ 1 million has been deposited, without recent contributions.
The Chicago skyline can be seen on descent to Midway Airport on Friday, August 16, 2024. (Tom Williams / CQ-Roll Call, Inc via Getty Images / Getty Images)
Illinois Gop -chairman Kathy Salvi has recently destroyed the project as a ‘horror’, which to endanger the democrats of it to jeopardize taxpayers.
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