Barack Obama’s presidential monument in Chicago has officially crossed the billion-dollar mark. Unfortunately for the former president, that milestone comes with mounting debt, unpaid contractor disputes, and some uncomfortable questions about where the money went. The Obama Foundation now estimates that its Presidential Center will cost approximately $1 billion, nearly three times the original $300 million to $350 million construction estimate. The project opened in June, five years later than initially planned. [snip] “While we continue to reconcile costs and plan ahead for additional capital improvements, we anticipate our total cost for constructing the campus is approximately $1 billion — again, all raised in private contributions.” Bittner attributed the additional spending to public art, insurance, changes to the athletic center, project management, and exhibit installation. [snip] Its total liabilities climbed from $35 million in 2024 to $103.5 million in 2025. Outstanding borrowing increased from $15 million at the end of 2025 to approximately $63.5 million by July 2026. Donations and grants also fell, dropping from $195 million in 2024 to roughly $151 million last year. And the contractors? Some are still waiting for their money. RedState previously covered the collapse of Adamson Plumbing Contractors, whose owner, Mike Owen, suspended operations and laid off 25 union workers amid a nearly $4 million dispute tied to the project. Owen also filed a $1.72 million mechanic’s lien. [snip] As RedState reported in June, the foundation had yet to fully fund a proposed $470 million endowment intended to help protect Chicago taxpayers from future financial obligations. The latest records put the foundation’s overall endowment at approximately $14.2 million at the end of 2025, although the amount specifically reserved for the center remains unclear. The foundation argues its agreement with Chicago required establishing the fund, rather than fully funding it before opening. [snip] “I don’t see a short-term financial distress here, but I do see an organization that has tied up a lot of its resources in its buildings, which means more costs to come and the need for more revenues to make this sustainable.” [snip] Obama got his billion-dollar monument on 19.3 acres of Chicago parkland, secured under a 99-year agreement for a one-time payment of $10. The building is open, the invoices are still being disputed, and the financial safeguards remain a subject of controversy. For a project advertised as an investment in Chicago’s South Side, the workers and small businesses still fighting over their payments deserve considerably better. (*) Full article: https://redstate.com/ben-smith/2026/10/17/obamas-billion-dollar-monument-costs-triple-debt-piles-up-and-contractors-are-still-waiting-n2208253 Post navigation This Is Appeasement: Pork Removed From Italy’s School Lunches The Left’s Secret Election Playbook: Fast-Track Protest Permits & Repeal Resisting-Arrest Laws
