From a Chicago’s local CBS affiliate:
It’s a major coup for Mayor Rahm Emanuel and, perhaps more importantly, for the South Side, CBS 2 Chief Correspondent Jay Levine reports.
The Obama Presidential Library will rise either in Washington Park at King Drive and Garfield Boulevard or at the other site proposed by the University of Chicago, in Jackson Park, south of the Museum of Science and Industry, near 60th and Stony Island.
The announcement is now planned for the week after next, though it may not specify which site will be chosen.
President Obama, in a phone call to Mayor Emanuel last Friday — both House Speaker Mike Madigan and Senate President John Cullerton were with him — seemed to telegraph the decision. The president reportedly thanked them for state legislation passed last week that removed the last obstacles to locating the library on public park land.
The estimated price tag for the library and museum is a whopping $500 million . It is expected to create 1,900 permanent jobs in a community that has struggled. An estimated $220 million in economic activity would be generated annually.