Source: Fox News
Summary
The Obama Presidential Center in Chicago has raised concerns that taxpayers may be left with the bill if the project encounters financial trouble, as the foundation behind it has failed to establish a promised $470 million safety net. The foundation has deposited only $1 million into the reserve fund, despite its agreement with the city to create an endowment to protect taxpayers. Contractors and subcontractors have also reported losses ranging from hundreds of thousands of dollars to millions, alleging they remain locked in payment disputes. The Obama Foundation disputes suggestions that taxpayers face exposure, saying the project is funded through private contributions.
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The process has entered a familiar phase.
The Obama Presidential Center’s grand opening is near, but concerns about its financial state have raged for years. The foundation has yet to establish a promised $470 million safety net, despite its agreement with the city. Contractors and subcontractors have reported losses, alleging they remain locked in payment disputes. The Obama Foundation says the project is funded through private contributions, but critics argue that the reserve fund was intended to serve as a backstop if the project ever encountered financial distress.
It’s business as usual.
Author: Evan Null
