The foundation behind the Theodore Roosevelt Presidential Library says fundraising and commitments have passed $500 million, topping the project’s $450 million goal.
That total is not all cash on hand. CEO Ed O’Keefe told the North Dakota Monitor that about $79 million consists of pledges expected mainly over the next five years.
Some of the money will repay a $70 million Bank of North Dakota line of credit used to keep construction on schedule. The state authorized the loan in 2023, and it must be repaid by June 30 of next year. O’Keefe says the foundation has enough money committed to cover it.
The financing also includes a $50 million operating endowment approved by state lawmakers. That fund is now valued at more than $60 million.
The library expects annual operating costs of $14 million, with admissions, retail and other revenue projected to cover $10 million.
The library opened in Medora July 4 and reports about 40,000 visitors since then.
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