TAXPAYER RISK: Obama Presidential Center's $470M endowment sits at just $1M as subcontractors claim they're owed millions days before grand opening.
The fund was promised as an insurance policy so Chicago taxpayers wouldn't get stuck covering future costs on the 99-year deal. Construction costs have ballooned from $330M to at least $850M.
The Obama Foundation says the center is 'fully funded' and plans to make 'significant investments' in the endowment in coming years — but critics say a promise to raise money later is not the same as having a funded backstop in place.
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