CHICAGO (WBBM NEWSRADIO) -- It appears it’s going to cost a lot more to build and run the Obama Presidential Center than first thought.
Construction of the Obama Center began this week in Jackson Park. At first, it was believed the presidential center would cost $700 million to build, of which $500 million was for “hard costs."
Now, the Obama Foundation believes it will cost $830 million.
In its annual report, the Foundation said $700 million is “the cost to build the building"; then another $90 million will be the “the cost to collect artifacts, design exhibits and prepare the OPC to operate at opening"; and an additional $40 million will be to operate the center for its first year.
The Foundation said that as of July, it has raised nearly $1 billion.
Among those who’ve donated a million dollars or more: Michael Jordan and Family and the Open Society Foundations, founded by George Soros.
According to the report, the two highest paid Obama Foundation staff members took voluntary pay cuts in 2020, in order to “account for potential financial impacts of COVID 19 on the Foundation." But, the report also revealed their 2020 salaries. Chief Executive Officer David Simas made $608,066 in 2020 and Executive Director Robbin Cohen made $551,913 in 2020.
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