Obama Foundation raising $400M for presidential center, neighborhood investments

The Obama Foundation on Tuesday announced that it will raise $400 million to fund the Obama Presidential Center in the South Side of Chicago and to invest in the neighborhoods that surround it with the help of corporate and philanthropic partners in the city.

According to a press release, the foundation will dedicate $75 million over five years to strengthen economic development, including workforce training for residents of Chicago’s West and South sides, and invest in Chicago youth through civic engagement, workforce readiness training and community programs.

Organizations including Urban Alliance, which is a nonprofit that provides jobs training and paid internships to youth, AT&T, Exelon Corporation, The Boeing Company, HCSC/Blue Cross Blue Shield, Illinois Tool Works, Microsoft Corporation, Nike, Alphawood Foundation, Chicago Community Trust, Joyce Foundation, MacArthur Foundation, Robert R. McCormick Foundation and the Fifth Third Chicagoland Foundation are set to partner with the Obama Foundation in order to bring the Obama Presidential Center to life, the release noted.

“We are seeing significant interest from civic and corporate leaders in Chicago who want to be part of this movement to change the economic trajectory of the South Side of Chicago,” Valerie Jarrett, president of the Obama Foundation, said in the release. “We’re proud to be able to convene these leaders and channel investment in ways that will strengthen our community.”

Former President Obama announced in February that construction for the presidential center was set to begin later this year. According to the release, The Obama Presidential Center will break ground in Chicago’s Jackson Park this fall.

“Our hope is that the center will breathe new life into historic Jackson Park while delivering jobs, growth, and much more to the South Side,” Obama said of the project earlier this year. “Let’s get to work.”