President Barack Obama will deliver his farewell address next week in Chicago, the White House announced on Monday. Obama will deliver remarks at McCormick Place in his hometown Jan. 10. Admission is free, with tickets being released Jan. 7 on a first-come-first-serve basis.

"In 1796, as George Washington set the precedent for a peaceful, democratic transfer of power, he also set a precedent by penning a farewell address to the American people," Obama said in a statement Monday. "And over the 220 years since, many American presidents have followed his lead."

Obama added that he's "just beginning" to pen his remarks, which he says will mark a celebration of the ways the country has changed "for the better" over the past eight years. Additionally, Obama will "offer some thoughts" on how the nation can continue that progress in the years ahead.

"Since 2009, we've faced our fair share of challenges, and come through them stronger," Obama said. "That's because we have never let go of a belief that has guided us ever since our founding—our conviction that, together, we can change this country for the better."

Last week, sources told Politico that Obama was planning to meet with congressional Democrats Wednesday to devise a plan to shield the Affordable Care Act from the impending Republican threat of repeal. The meeting is reportedly slated for 9 a.m. at the Congressional Visitors Center auditorium and will include House and Senate Democrats, just one day after the 115th Congress convenes.