Latest price tag for Obama Presidential Center estimated to be $830 million
The Obama Foundation has released documents that detail the latest and most comprehensive price tag yet on the upcoming presidential center in Chicago’s Jackson Park: $830 million.
The amount will go in three buckets: the $700 million cost of construction, which officially kicked off Monday and is expected to take four years; $90 million for preparing artifacts, exhibits and the center’s opening; and $40 million in the first year of operating costs, according to an annual report and tax return for 2020 released this week.
Previously, the bricks-and-mortar costs were estimated to be $500 million and before that, more than $300 million.
By the end of last year, the foundation had about $561 million in net assets, up from 2019?s total of $430 million, according to the 990 tax form. The nonprofit also raised $171 million in donations last year, adding up to a total $720 million in gifts the foundation has collected since 2016. About 58% of 2020?s haul came from other nonprofits or corporations, the rest from individuals.
Read more: https://www.chicagotribune.com/news/breaking/ct-obama-presidential-center-chicago-cost-20210818-fluheflxxbgbphhricrxwy5kou-story.html
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