Former President Barack Obama may need some additional cash flow to get the Obama Presidential Center built in Chicago, according to a report.
The architects said the center needs an endowment of $1.5 billion, three times more than the amount raised for George W. Bush's presidential center that opened in Dallas in 2013, Page Six's Richard Johnson reports.
They attributed the high cost to the construction of both a library and museum. The architects said the expected $200 million cost of the buildings themselves likely will be closer to $300 million.
They noted Obama declined to do much fundraising for the center while still in office, Johnson reports. Sources told NBC 5 Obama is about to begin a major fundraising effort for the project.
Obama returned to Chicago last week for the first time since he left office to hold meetings with community leaders and others involved in the Obama Foundation.
A military C-5 aircraft arrived in Chicago Thursday morning, bringing with it a shipment of Obama’s belongings for the library.
Valerie Jarrett told the Chicago Sun-Times the president is eager to hear suggestions from community members to bring opportunities to the area.
Representatives of the former president and first lady said this month an agency was hired to assist the couple with speaking gigs, as well as lawyers to handle their book deals.