Here’s How Much Obama’s Presidential Library Is Going To Cost - WOW!

Former President Barack Obama's presidential library is being planned for the south side of Chicago, and is expected to also contain a museum. Current estimates indicate the library will require a $1.5 billion endowment, which is three times as much as was raised for former President George W. Bush's library.

Presidential libraries used to preserve records, collections and other historically significant materials have been a tradition since the 31st president, Herbert Hoover, left office in 1933. It isn't surprising that the country's first black president, and a president that came at a time of such political upheaval, would be a momentous undertaking. The architects in charge of designing the future 'Barack Obama Presidential Library and Museum' estimate it'll cost some $1.5 billion, according to Breitbart.com.

Originally, a library was discussed and expected to be between $200 and $300 million. Architects Tod Williams and Billie Tsien said the cost of building a library and a museum has contributed to an inflated estimate.

The museum isn't the only expense that has contributed to the cost; federal regulations requiring former presidents to have larger endowments to cover operating costs has also driven it up.

“It won’t be easy,” Williams said. “It’s not just about preserving the past. It’s about the future.”

When in office, Mr. Obama declined to do much fundraising for his future presidential center. Now that he's out of office and home from a much-needed vacation, the former POTUS plans to get the fundraising efforts underway. The Obama Foundation is working with community leaders to plan the library.

The Obamas have selected Chicago's historic Jackson Park for the site of the library and museum. This disappointed some locals of nearby Washington Park, who hoped it would be chosen as the location to revitalize the struggling community. Some park conservationists are concerned about the impact the construction will have on the landmark. If it stays on schedule, the project would be finished in 2021.

Source: Breitbart
Photo: Breitbart

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