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City to Offer Obama Foundation 99-Year Lease on Center

Under a proposed land-use ordinance, the Obama Foundation will be offered a 99-year lease on the Obama Presidential Center it plans to build at Jackson Park, Crain’s Chicago Business reported. The ordinance will go before the City Council on Thursday.

Under terms of the agreement, the Obama Foundation will be responsible for maintaining the grounds and buildings, while the City of Chicago will own the buildings and grounds. That’s in contrast to the 11 official Museums in the Parks, which all have agreements in perpetuity. The foundation will pay the city $10 for the 99-year agreement.

The ordinance is contingent on the Obama Foundation meeting several requirements. These include demonstrating that it has ample financing to build the center at an estimated $350-million cost, and that the center passes the required National Environmental Policy Act federal review. The National Parks Service is conducting the review.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).