The site President Obama has chosen for his presidential library was announced Tuesday: Chicago's South Side.

The announcement was made by the Barack Obama Foundation and with an accompanying video with statements from the president and first lady.

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

"All the strands of my life came together and I really became a man when I moved to Chicago," he added. "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."

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

Chicago's Mayor Rahm Emanuel was pleased that his city was chosen for the library's location, saying, "The Obama Presidential Library is a once in a lifetime opportunity that will bring tremendous cultural, economic, and educational benefits to the South Side and the entire City of Chicago for generations to come," he said, calling Chicago the library's "rightful place."

The Barack Obama Foundation explained that it will now begin drawing up plans and collaborating with partners to help promote the values they see exemplified in Obama's tenure as president: "expanding economic opportunity, inspiring an ethic of citizenship, and promoting peace, justice, and dignity throughout the world."