When the Obama Foundation secured approval to build the sprawling Obama Presidential Center on 19 acres of historic Jackson Park in Chicago, it promised to set aside a massive $470 million reserve fund to protect taxpayers if the ambitious project ran into trouble.
But according to newly surfaced tax filings, that promise now appears to be crumbling. Records reveal the foundation has put just $1 million into the endowment fund — a mere fraction of what was pledged — and hasn’t added a single dollar in years. Critics warn this could leave Chicago taxpayers staring at a financial nightmare if the project stumbles.
The endowment was a major requirement when city leaders handed over public parkland to the foundation for a 99-year lease. Yet today, both city officials and Obama Foundation representatives have gone silent, offering no explanation for the shortfall, Fox News reported.
“The foundation ultimately secured the public land for just $10 in 2018 under a 99-year deal,” Fox noted, highlighting just how sweet the arrangement was for the former president’s team.
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