Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
Subcontractors say they are owed millions as the foundation leaves only $1 million in the reserve meant to protect taxpayers.
- Scrutiny is mounting over the Obama Presidential Center's financial sustainability as the Obama Foundation has deposited just $1 million into a promised $470 million safety net endowment, raising concerns about potential taxpayer exposure.
- The Foundation pledged to create the $470 million endowment as part of a 99-year deal to control 19.3 acres of public land in Jackson Park, Chicago, for a one-time payment of $10.
- Adamson Plumbing President Mike Owen reported his firm is nearly $4 million in the red, while African American Contractors Association President Omar Shareef noted several Black-owned contractors face financial difficulty due to project delays.
- Illinois GOP Chair Robert Grogan criticized the lack of a promised insurance policy, while New York University law professor Richard Epstein warned the building could fall into neglect if future fundraising fails.
- Maintaining that the project is 'fully funded' with private contributions, the Foundation plans 'significant investments' in the endowment in the coming years, though critics dispute this covers sufficient financial protection.
12 Articles
12 Articles
Obama Scandal Blows WIDE Open - '$470 MILLION' ...
Questions are growing about whether taxpayers could ultimately be forced to absorb the costs if the Obama Presidential Center encounters financial difficulties, as the Obama Foundation has yet to fully establish a promised $470 million endowment intended to protect the public from future bailout obligations. The concerns come as a Fox News Digital investigation uncovered allegations from multiple contractors and subcontractors who say they have …
Report: Obama Center Contractors Owed Millions and Safety Net to Spare Taxpayers Not Funded
Taxpayers could be left with a big tab if the Obama Presidential Center experiences financial trouble because its foundation has not yet established a promised $470 million safety net to guard against a public bailout.
Obama Presidential Center contractors claim MILLIONS unpaid ahead of opening
"The fact that they have created this probably unsustainable edifice to an ego and then, eventually, if it goes under, who’s going to be caught with the bill time and time again? It’s the taxpayers of the city, citizens of Chicago and the state of Illinois."
Unpaid contractors cloud Obama Center’s finish line – The RealDeal
African American Contractors Association president Omar Shareef said that a total of seven separate subcontractors have contacted him for help with pursuing missing payments in the past several months. Some of the contractors are owed seven figures. They’re willing to settle for less, as long as they can keep their businesses running.
Life and Liberty
ussanews.comObama Center’s Promised $470M “Safety Net” Under Scrutiny as Contractors Say They’re Owed Millions
Questions are growing over the Obama Presidential Center’s promised reserve fund as contractors say they are still fighting over payments and losses on the project.
1330 & 95.5 WFIN
wfmd.comObama Presidential Center’s $470M safety net under scrutiny as subcontractors say they’re owed millions
NEWYou can now listen to Fox News articles! Concern is mounting that taxpayers could be left holding the bag if the Obama Presidential Center runs into financial trouble, as the foundation behind it has yet to establish a promised $470 million safety net to guard against a public bailout. The scrutiny comes as a Fox News Digital investigation found multiple contractors and subcontractors claiming losses ranging from hundreds of thousands of doll…
Coverage Details
Bias Distribution
- 100% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
