Obama's presidential library to be built in Chicago

The Barack Obama Foundation announced early Tuesday that President Obama's presidential library will be built on Chicago's South Side.

"The future Presidential Center will include the library, museum, as well as office and activity space for the Foundation to inspire and engage citizens here and globally," the foundation, a nonprofit organization that conducted the site-selection process and will oversee the development and building of the library, said in a press release.

As for its choosing of Chicago, the foundation put it simply: the Obama family was "shaped by Chicago" from their "wedding day to Election Day."

President Obama and First Lady Michelle Obama echoed the tone. In a video released early Tuesday, Obama said: "All the strands of my life came together and I really became a man when I moved to Chicago." "That's where I was able to apply that early idealism to try to work in communities in public service. That's where I met my wife. That's where my children were born."

Michelle said in the video she was "thrilled to be able to put this resource in the heart of the neighborhood that means the world to me. Every value, every memory, every important relationship to me exists in Chicago. I consider myself a South Sider."

After a yearlong competition, the University of Chicago has finally won out among four final competitors, namely Columbia University in New York, the University of Hawaii in Honolulu and the University of Illinois at Chicago.

Nevertheless, the foundation intends to maintain a presence at Columbia University, will work with the state of Hawaii to establish a lasting presence in Honolulu, and plans to collaborate with the University of Illinois at Chicago, in addition to its association with the University of Chicago, the foundation said in the release.

In April 2014, the University of Chicago has completed a report estimating the economic impact the Obama presidential library may have on Chicago.

The report estimated the annual economic impact on the City of Chicago would be 220 million dollars. Meanwhile, the library would create 1,900 permanent new jobs, increasing annual local earnings by 56 million dollars; attract 800,000 visitors annually, who would bring additional spending of 31 million dollars on food and retail to the neighborhood near the library, enough to support 30 new restaurants, 11 new retail outlets and a new hotel.

Besides, construction of the library would have a 600-million- dollar economic impact on the city, the report said, adding that it would create 3,280 local jobs for a total of 156 million dollars in earnings over the course of the construction project.

The library would also help Chicago's fiscal position, with tax collections to the city likely to increase by 5 million dollars annually, according to the report. Endite