
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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