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September 15, 2016 04:30 PM

The Clinton Foundation is throwing former President Bill Clinton a lavish 70th birthday bash in New York City on Friday, where he will also raise funds for the charity.

His wife, Democratic nominee Hillary Clinton, does not plan to attend the event, a Clinton campaign source confirms to PEOPLE. The Clintons’ daughter, Chelsea, who has said she will stay on the foundation’s board if her mother is elected president, will attend, a spokesperson confirms to PEOPLE.

Another source close to the planning confirms to PEOPLE that the party will be held at the Rainbow Room, an iconic venue overlooking the New York skyline. Barbra Streisand and Wynton Marsalis are slated to perform, as well as Jon Bon Jovi, who also performed at a Clinton fundraiser in the Hamptons late last month.

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Attendees are being asked to give $250,000 to be listed as a chair for the party/fundraiser, $100,000 to be listed a co-chair and $50,000 to be listed as a vice-chair, Politico reports.

The fundraiser event comes as the Clintons have pledged to distance themselves from the Clinton Foundation, which has faced criticism during Hillary Clinton’s presidential campaign. The foundation told Politico that Bill Clinton has in the past had birthday parties that doubled as fundraisers for the foundation. His 60th birthday party raised $12.6 million for the Clinton Foundation.

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