Chicago’s South Side to Host Obama’s Presidential Library

It had been rumored for about a week, but the official announcement came this morning. President Barack Obama's presidential library will be located in Chicago.

The University of Chicago site beat out its competitors, the University of Illinois at Chicago, Columbia University in New York and the University of Hawaii. Here's the announcement:

According to CNN:

In the video, Obama also touted the economic benefits of bringing his presidential library to the city, hoping it will create job opportunities and generate tourism for the city.

"With a library and a foundation on the South Side of Chicago, not only will we be able to encourage and effect change locally but what we can also do is attract the world to Chicago," Obama said in the video.

He also said the city is where "all the strands of my life came together," noting that Chicago is not only where he started his career, but where he met his wife, First Lady Michelle Obama, and where his daughters were born.

The Chicago Tribune reports the U. of C. has offered two potential sites for the project, both public parks on the South Side. Under the plan, the library and museum would be placed either on 20 acres in Jackson Park or 21 acres in Washington Park in exchange for $1 to buy the land.