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Posted on 09/27/2025 10:04:04 AM PDT by Libloather
When the Obama Foundation snagged a sweetheart deal to build its beleaguered Obama Presidential Center on a Chicago public park, it pledged to create a $470 million reserve fund to spare taxpayers should the project ever go belly up.
But new tax filings show the foundation has only deposited $1 million into the fund and has not added to it in years, with critics saying the empty promise could potentially leave Chicagoans on the hook for hundreds of millions of dollars.
Under its agreement with the city, the foundation was required to create the fund, known as an endowment, in order to take control of the sprawling 19.3-acre section of Jackson Park — often described as Chicago’s Central Park equivalent — where the complex is now slowly rising.
The foundation ultimately secured the public land for just $10 in 2018, under a 99-year deal.
But when former President Barack Obama and former First Lady Michelle Obama turned the sod at the site in September 2021, just $1 million — or 0.21% of the pledged funds — had been deposited into the endowment, and that figure has remained unchanged ever since.
With construction progressing at a snail’s pace and costs ballooning from an original estimate of $330 million to at least $850 million, the lack of progress on the promised endowment has fueled fears the Obama Presidential Center could leave taxpayers holding the can if finances spiral into the red.
It comes as the Obama Foundation’s latest tax return shows its finances under strain with revenue swinging wildly year to year, fundraising shortfalls and unfulfilled donor pledges.
On news that the endowment has largely remained unfunded, Illinois GOP Chair Kathy Salvi slammed the project as an "abomination" while blasting Democrats for potentially exposing taxpayers with the deal.
(Excerpt) Read more at foxnews.com ...
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800 old growth trees were removed to make room for the cement tomb.
Shocked face.
That thing looks like a soviet radar installation.
The grift continues
It is fitting that it is so ugly.
Obummer and Big Mike needed the money to buy oceanfront homes in three states.
“Could leave Chicagoans on the hook for millions of dollars”
Hahahahahahahahahahaha!
Somebody won’t be getting that third yacht.
Designed by the Stevie Wonder Architectural Team.
Presidential libraries are as big a folly as preserving old warships and the like. At least the saved warships did something useful by comparison. Presidential libraries are a folly to self-aggrandizement, misplaced ego and other delusions of grandeur.
The only memorial obama needs is a headstone and a small one at that.
Install loud speakers on the monolith for the call to prayer.
Estimates consistently cite 640–800 old-growth trees cleared from the Jackson Park site alone starting in August 2021, with an additional 300–463 trees removed for traffic improvements and park relocations. A 2018 tree inventory by Bartlett Tree Experts valued the 640 site trees at over $3.5 million and noted their role in storing 203 tons of carbon and removing 341 pounds of air pollution annually.
Looks like an out house. Bravo!
0$ama Hussein is a grifter.
I think it is a gay bath house...."Bath House Barry's". Parking is in the rear.
No way! Who could have seen that coming?
Reported yesterday that they are $618 MILLION into this project already and it looks like a Dresden firehouse. Where did the money go? Oh, where?
It looks like a crematorium - which may be correct.
And yet, it has given $2M to the radical Tides Foundation that has nothin to do with the library.
These “presidential libraries” are a pox upon the taxpaying public. What a sham and scam. Don’t these sociopathic grifters ever stop their criminality? Disgusting.
I wonder if the “library” will have his FAKED birth certificate on display in a prime display spot???
Which shows they’re two of the biggest grifters ever to walk the earth.
Ugly monument to an ugly administration.
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