The search for a home for President Barack Obama’s presidential library is officially underway.

With Obama’s blessing, top supporters are launching a foundation that will develop and build the library, which will both house his presidential records and serve as a monument to his legacy.

The nonprofit Barack H. Obama Foundation will be led by Marty Nesbitt, a close Obama friend from Chicago, and Julianna Smoot, a former White House social secretary and top official in Obama’s re-election campaign.

A vigorous competition to host the library has already ramped up. Hawaii, where Obama was born, and Illinois, his longtime home, have been lobbying the Obamas both publicly and privately. New York, where Obama went to college, also has expressed interest.

With so many of Obama’s aides and supporters calling Chicago home, the focus has increasingly turned to the Windy City, where Obama was first elected and came into his own as a national political figure. The involvement of Nesbitt, a Chicago businessman, in forming the foundation is likely to amplify speculation that Chicago has an inside track to getting the library. The third founding member of the nonprofit’s board, Kevin Poorman, is also based in Chicago and runs a company formed by Chicago businesswoman Penny Pritzker, who is now Obama’s commerce secretary.

“No specific site, institution, city or state is advantaged over another at this point,” Nesbitt said in an interview. “The ultimate site will be chosen based on the merits.”

Chicago Mayor Rahm Emanuel, Obama’s former chief of staff, said Chicago is “undeniably a natural fit” to host an Obama library and museum.

In February, the foundation will ask parties that want to host the library to make their interest known. That list will be culled and in May, the foundation will notify the groups that will be invited to submit formal, detailed proposals. The president and first lady Michelle Obama will make the decision, and the foundation will announce it in early 2015.

“He has asked us to lead the planning and development of a library in a way that reflects his values and priorities over the course of his career in public service,” Nesbitt said – values like expanding economic opportunity, promoting peace and dignity abroad, and inspiring the ethic of American citizenship.

The foundation plans to hire full-time staff later this year. Although it will start fundraising right away to cover its own costs, most of the money to build the library won’t be raised until after Obama leaves the White House. While Obama is still in office, the foundation won’t take donations from foreigners, lobbyists or organizations that aren’t nonprofits. It also plans to disclose all donations over $200.

The president, Mrs. Obama and White House staffers won’t raise money for the foundation until Obama leaves office, the group said. Obama will be kept up to date but won’t be closely involved in the screening of the site proposals.

For the communities vying for the library, much of the legwork required to put together a proposal is already complete. Hawaii officials have been working to lure the library since the 2008 Iowa caucuses – before Obama was even elected president – and has gently lobbied Obama’s sister and close friends. At the University of Chicago, where Obama once taught law, a behind-the-scenes effort is being led by Susan Sher, a top university official and Mrs. Obama’s former chief of staff.

In Honolulu, University of Hawaii professor Robert Perkinson, who is heading a statewide campaign for the library, said Hawaii’s efforts would now accelerate. “We have most of the building blocks we need, but assembling everything will take a lot of hours,” he said.

In addition to serving as the official repository for presidential records and artifacts, the libraries often have an accompanying presidential center as a vehicle for ex-presidents to promote policies and coordinate humanitarian efforts after leaving office. Some groups already vying for Obama’s library have proposed that he build a center or institute in one location and the library in another.