FACT CHECK #8UDXGTTE

EXHIBIT A

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WHAT WE FOUND

The Obama Presidential Center is scheduled to open June 19, 2026, following construction cost overruns that ballooned the budget to $850 million from an initial $300 million estimate [1.1.1, 1.4.1]. Although the Obama Foundation publicly pledged a $470 million endowment in 2020 to shield taxpayers from future operational costs, financial disclosures from late 2025 and 2026 reveal the designated reserve fund contains only $1 million [1.1.4, 2.2.1]. Under the terms of the Master Development Agreement, the City of Chicago owns the buildings while the Foundation is contractually responsible for maintenance [1.5.4, 3.2.1]. Legal analysts and watchdogs warn that because the City is the legal owner of the asset, any funding shortfall for the estimated $40 million in annual operating costs would shift the burden to taxpayers to prevent the 19.3-acre campus from falling into neglect [1.1.6, 3.3.4, 3.3.5]. This financial risk is further underscored by June 2026 reports of multiple subcontractors alleging millions of dollars in unpaid construction debts [1.1.1, 1.4.1].

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