Chicago taxpayers could be on the hook for hundreds of millions of dollars for the costly Obama Presidential Center after new tax filings show the Obama Foundation has only deposited $1 million into its promised $470 million reserve fund.
That’s the conclusion of an in-depth report by Fox News as it looked at what it described as a “sweetheart deal” to create the reserve fund “to spare taxpayers should the project ever go belly up.”
The center will serve as Obama’s presidential library.
According to the report:
Under its agreement with the city, the [Obama] foundation was required to create the fund, known as an endowment, to take control of a…
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