Obama's presidential library estimated to cost nearly $700M

The cost of former President Obama's official library in Chicago will be a $200 million more than initially anticipated.

"We are in the process of raising the capital for the building," Jarrett said during the June 4 interview, adding that the Obama Foundation has raised nearly $900 million so far for The Obama Presidential Center and wants to raise an additional $400 million from Chicago. Excess funds will go toward the foundation's "program" and to "create an endowment," the former Obama adviser said.