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President Obama’s $600 Million Gift to Chicago: A Presidential Library

TIME

President Obama just gave his adopted hometown the $600 million gift of a presidential library.

The Barack Obama Foundation announced Tuesday that the monument to Obama’s legacy as the nation’s first black president will be built on the South Side of Chicago.

Chicago Mayor Rahm Emanuel and chair of the Barack Obama Foundation Martin Nesbitt were due to announce more details at a press conference later Tuesday. An exact location for the park has not yet been chosen, but it will be built on one of two parks–Jackson and Washington, both of which are located just south or west of Hyde Park, the urban oasis the President and First Lady called home prior to moving into 1600 Pennsylvania.

The University of Chicago beat out bids to build the university by another Chicago school, the University of Illinois at Chicago, as well as Obama’s alma mater Columbia University in New York…

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