An Illinois House committee endorsed a plan today to contribute $100 million in state funds toward construction of a Barack Obama presidential library in Chicago.
The proposal, pushed by House Speaker Michael Madigan, goes to the full House next.
Madigan said it's appropriate for Illinois to commit public funds for the library even though the state is grappling with serious financial problems.
"The state of Illinois will spend over $1 billion in construction this year alone, so $100 million is not out of line,†Madigan said after the House Executive Committee threw its support behind the library funding plan in a unanimous vote. “It's clearly a good investment for the future.â€
While presidential libraries are traditionally funded mostly by private donations, Madigan pointed out that "close to $100 million in state money" was earmarked for the Abraham Lincoln presidential library in Springfield. "So we have precedent for this," he said.
Three universities in the city – the University of Chicago, Chicago State University and the University of Illinois at Chicago -- plan to bid for the library. Chicago may face competition from bidders in Hawaii and New York City.
Building the library and museum could cost $500 million or more. Madigan would not rule out additional state money going toward the library project down the road, though he said he's "hopeful that the size of this appropriation would prove to be a very attractive argument to the (presidential library) committee."
For the record, the George W. Bush library at SMU cost half that much to build, and was fully funded with private donations before they even broke ground.
If you would like to throw away your money, they're accepting donations for the Obama shrine.
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