Every United States President gets a library/museum at the end of their term (yes, even George W. Bush). Where the library will stand is up to the POTUS, but he/she is usually presented with a few options. More and more colleges are vying for the rare opportunity to house President Barack Obama's future library, including the University of Hawaii, Chicago State University, the University of Chicago, and the University of Illinois at Chicago. If we had to guess, we would say that the University of Chicago would be the number one pick because Obama taught there, but only time will tell.
Besides the honor of having the building on campus, the colleges have a lot to gain in terms of tourism, new applicants, and other opportunities that could greatly benefit the institution.