President Obama’s presidential library in Chicago is going to come with a whopping price tag, Richard Johnson of Page Six reported on Sunday.
Architects of the project claim it will cost $1.5 billion, which is three times the amount of President George W. Bush’s presidential library. Johnson reports why it is more expensive to build.
The Obama Center is due to be so expensive because it will require the construction of both a presidential library and a museum about the lives of Barack and Michelle Obama. And federal requirements now stipulate that former presidents must have larger endowments to pay for annual operating costs at the libraries.
In 2013, The Huffington Post reported from Time Magazine that Bush was the most successful fundraiser for his library than any other president.
According to Time, numerous sources close to the former president — including Mark Langdale, president of the George W. Bush Presidential Center — have confirmed that fundraising for the library has surpassed the $500 million mark, a goal that Bush wanted to reach prior the center’s dedication ceremony later this month.
In 2016, Obama chose Jackson Park as the location for his library. U.S. Representative Robin Kelly sees the benefit of it, according to the Chicago Tribune.
“I think it’s a benefit to the South Side of Chicago, period,” Kelly said in an interview. “No matter which park it’s in, it’s good for the South Side and uplifting to have a presidential library there.”
However, previous presidential libraries have not been as costly. Bush’s was $500 million and Bill Clinton at $165 million. Obama’s will cost nearly 2.5 times more than both previous presidents combined.
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