Obama’s presidential library estimated to cost nearly $700M

The cost of former President Obama‘s library in Chicago will be a bit heftier than initially anticipated.

Valerie Jarrett, president of The Obama Foundation, said during an interview with The Economic Club of Chicago last week that the informal presidential library will cost slightly “less than” $700 million – $200 million more than an initial estimate of $500 million.

“We are in the process of raising the capital for the building,” Jarrett said during the June 4 interview, adding that the Obama Foundation has raised nearly $900 million so far for The Obama Presidential Center and wants to raise an additional $400 million from Chicago.

Excess funds will go toward the foundation’s “program” and to “create an endowment,” the former Obama adviser said. – READ MORE