CHICAGO | Obama Presidential Library

[glowrock]

Originally Posted by west-town-brad

No I don’t know what that means

I posted the article (an opinion piece actually) because of the funding of the Obama center. Do they have the billion they need to finish? Seems maybe not.

What it means is that posting an opinion piece from authors who are extremely biased against the project to begin with is somewhat disingenuous at best.

Aaron (Glowrock)

[west-town-brad]

Originally Posted by glowrock

What it means is that posting an opinion piece from authors who are extremely biased against the project to begin with is somewhat disingenuous at best.

Aaron (Glowrock)

ok well I guess we can dismiss the funding question because it comes from a "biased source"

the Chicago Sun Times reported that of the $850 million need for construction, they only have raised about $150 million as of august of 2021

so it would seem they do not have the funds to complete something that is currently under construction, and their own website says they need $1.6 Billion total when you include the ongoing endowment to run operations

my guess is that our local political leaders were falling over themselves to get this project started and thus put very loose guardrails in place... like so many other things this city has done with little thought like the Olympic bid, the parking meters, and the casino.

and no this is not a political rant, which you all seem to be weirdly turning it into, I just am looking to understand if the funds are going to be there or we as a city will be left with an unfinished building in a park for the next 15 years, or if we are going to have to bail them out with city funds

[Randomguy34]

Originally Posted by west-town-brad

the Chicago Sun Times reported that of the $850 million need for construction, they only have raised about $150 million as of august of 2021

The $150 million was only the amount collected in the 2020-21 tax year, not the total amount. The same article states that the net assets for the foundation is $680 million, which is exactly 80% of the funds needed for construction.

Article: https://chicago.suntimes.com/columni...id-report-2021

[glowrock]

Originally Posted by Randomguy34

The $150 million was only the amount collected in the 2020-21 tax year, not the total amount. The same article states that the net assets for the foundation is $680 million, which is exactly 80% of the funds needed for construction.

Article: https://chicago.suntimes.com/columni...id-report-2021

Thanks for posting that article. I'd say they seem to be just fine overall, with perhaps a bit of a slowdown in fundraising due to our current economic climate. Again, I think the doom and gloom hyperbole is drastically overstated.

Aaron (Glowrock)

[BuildThemTaller]

Originally Posted by west-town-brad

SHOT: like so many other things this city has done with little thought like the Olympic bid, the parking meters, and the casino.

CHASER: and no this is not a political rant

I mean, c'mon now.

[ardecila]

Originally Posted by west-town-brad

ok well I guess we can dismiss the funding question because it comes from a "biased source"

I'm not an accountant, nor do I do fundraising for a large nonprofit institution, so I have no idea how to evaluate the claims in the WSJ piece. All I know is that the two men who wrote the article are biased against the OPC on behalf of NIMBYs and misguided parks advocates, so I will take anything they say with the world's biggest grain of salt.

They oppose the OPC for ideological or selfish reasons - they don't want a building in a park, they don't want their car commute to take longer, they don't want more traffic in Hyde Park, etc - and the facts are distorted to support the conclusion that the OPC should be canceled.

Of course, I support the OPC for reasons that are also ideological/personal - I think we should honor the only US president from Chicago and the nation's first Black president, I think closing roads through Jackson Park is good, and the Obamas tapped an incredibly strong team of world-class architects and designers so the new building and landscape will be worthy of the site. I believe the result will be a transformation of Jackson Park and an urbanist success at the same level as the Museum Campus 20 years ago. I also think certain kinds of important civic buildings should be permitted in our parks, except where the law explicitly forbids them (i.e. Grant Park).

If there are objective reasons why the OPC is a bad plan, I've yet to hear them.

I just am looking to understand if the funds are going to be there or we as a city will be left with an unfinished building in a park for the next 15 years, or if we are going to have to bail them out with city funds

That is a valid question. Too bad we don't have independent, well-funded journalism in this city to actually look into these issues. All we get for every issue are two sets of deeply biased people shouting at each other. The Civic Federation is sometimes pretty helpful with this stuff, maybe they could be persuaded to look at the Obama Foundation's finances.

[west-town-brad]

your all's push back on my comments is so silly, as I voted for obama twice and fully support the presidential center. I ALSO don't think the funds are there and I have concerns and the finances. if you think city leadership is buttoned up and thorough with their decision making I have a bridge to sell you....

[BuildThemTaller]

Originally Posted by west-town-brad

your all's push back on my comments is so silly, as I voted for obama twice and fully support the presidential center. I ALSO don't think the funds are there and I have concerns and the finances. if you think city leadership is buttoned up and thorough with their decision making I have a bridge to sell you....

Clearly, everyone else has the wrong opinion

The one piece of evidence we have about the viability of the construction of the Obama center is that it is presently under construction. Were it stalled, yeah, maybe we should be concerned. But it's not. Outdated or misinterpreted financial statements don't tell us much, do they?

[galleyfox]

Here’s the Crain’s article on the matter.

For the $700 million construction expense, the foundation has so far spent $115M, with $225M in cash and $242M in receivables.

Nothing that would be cause for panic.

The foundation’s net assets rose last year by 21% to $680.1 million. It spent $115 million on construction, which started in September 2021 and is slated by be completed by 2025. Operating expenses, which are mostly for full-time staff, professional services and consultants, were flat at $41 million.

The foundation requires $830 million to fund the Presidential Center, according to the foundation’s 2020 annual report. That includes $700 million in construction costs, $90 million to collect artifacts and design exhibits, and $40 million to open and operate the center for a year after construction is completed.

The foundation’s financial statements show that it has $225 million in cash and cash equivalents and $242 million in pledges and grants receivable. Of that amount, $122 million is due within a year and $119.6 million is due between one and five years.

https://www.chicagobusiness.com/nonp...r-dips-67-2021

[thegoatman]

This is Obama we're talking about, he and his team has the money for this project, I don't know why all this discourse is being had lol. Trust me, they're gonna get this project done

[Steely Dan]

I moved all of the off topic great lakes discussion to the general thread:

https://skyscraperpage.com/forum/sho...08431&page=197

[Klippenstein]

Credit for all images to @DougShaeffer. He hates the Obama Center, but he has a great view. He updates with new pictures almost every day.

Today




Sept 2nd




August 30th


August 24th


August 12th

[MAC123]

Why does he hate it?

[Klippenstein]

Originally Posted by MAC123

Why does he hate it?

Because it’s in a public park and they tore up the trees and women's garden that were there. You’d have to ask him for more detail. Most of his photos are accompanied by text bemoaning the construction, that’s the only reason why I mentioned it. It’s a great and consistent bird’s eye view of the project otherwise.

[left of center]

Really shows you the impressive scale of this project! Doug may hate it, but I can't wait to check it out once its complete. Could it have been located somewhere else? Maybe. But its a moot point now. Its here, no use crying about it. Onward and forward.

[bhawk66]

Great share, Klippenstein. Love seeing these. Such an interesting project. And a relief in a way that it is now very much in progress. No stopping now. This will be such a great addition to a great city. Huge.

[MAC123]

Originally Posted by Klippenstein

Because it’s in a public park and they tore up the trees and women's garden that were there. You’d have to ask him for more detail. Most of his photos are accompanied by text bemoaning the construction, that’s the only reason why I mentioned it. It’s a great and consistent bird’s eye view of the project otherwise.

Yeah just saw some of his tweets about it, dude needs help.

[Klippenstein]

The construction process is a little painful especially with DLSD down to one lane SB, but personally I'm excited for Cornell Dr adjacent to the Obama Center to be closed. It's gonna make the park feel much more expansive and cohesive at least North of Hayes. That and the repair of the Clarence Darrow Bridge will really bring it all together. I think most people will love it once it's said and done even if they don't officially admit it.

[ardecila]

I believe the Women's Garden area is needed for stormwater storage; the original plan had a small round lagoon there which was basically a retention pond.

More recently, they moved the stormwater into an underground vault and restored the circular lawn from the original design, but it will be more secluded and screened from the surrounding area.

[Busy Bee]

Originally Posted by Klippenstein

Because it’s in a public park and they tore up the trees and women's garden that were there. You’d have to ask him for more detail. Most of his photos are accompanied by text bemoaning the construction, that’s the only reason why I mentioned it. It’s a great and consistent bird’s eye view of the project otherwise.

Maybe just maybe as he watches this come to fruition he becomes a convert.