The Obama Presidential Center could generate an economic impact of billions of US dollars for Chicago, according to a report released Thursday by the Obama Foundation.
The economic impact study, which was conducted by Deloitte Consulting, estimates a 10-year economic impact of 3.1 billion US dollars that will generate more than 2,500 jobs in Cook County of Chicago.
Last week, Obama unveiled the design of his presidential center in Chicago. The design released includes three buildings, a museum, a forum and a library, along with a sprawling public plaza.
Obama said the center will take four years to build and it should attract about 700,000 visitors a year.
Also, outlined in the assessment is the economic impact for Cook County businesses, 246 million dollars annually, with 177 million dollars expected to flow to businesses on the South Side.
The report also indicates that 4,945 jobs will be created in Cook County during the construction phase of the Obama Presidential Center, generating 296 million dollars.
According to Obama Foundation, the three buildings could encompass 200,000 to 225,000 square feet. That would be roughly the same size, or slightly larger, than the George W Bush Presidential Center in Dallas.
Construction is estimated to be at least 500 million dollars. The former president will fundraiser to cover that cost.