Concern is mounting that Chicago taxpayers could be left holding the bag if the Obama Presidential Center runs into financial trouble, as the Obama Foundation has yet to establish the promised $470 million safety net designed to guard against a public bailout. The scrutiny comes as a Fox News investigation reveals multiple contractors and subcontractors claiming losses ranging from hundreds of thousands of dollars to millions on the project. Some allege they remain locked in payment disputes and face financial ruin just days before the center’s grand opening.
Under its agreement with the city, the Obama Foundation pledged to create the fund, known as an endowment, as part of its 99-year deal to take control of the publicly owned 19.3-acre section of Jackson Park for a one-time payment of just $10. The purpose of the fund was to ensure taxpayers would not be forced to bail out the project if financial problems emerged in the future.
