Foundation launches to plan Obama library

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WASHINGTON (AP) -- A new foundation is forming with President Barack Obama's blessing to develop his future presidential library.

Longtime Obama friend Marty Nesbitt and former White House official Julianna Smoot are creating the nonprofit, which will evaluate potential library sites. Chicago and Hawaii are already vigorously competing.

The group will hire staff and take proposals from potential host sites later this year. Obama will make the final decision and the foundation will announce it in early 2015.

The foundation will raise money to cover its costs, but will build the library after Obama leaves the White House. Obama won't be involved in fundraising while in office, but the foundation board members say they'll keep him updated about the project.

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