(CBS) — The University of Chicago and the University of Illinois-Chicago were both named finalists to host Barack Obama’s presidential library.

The other two finalists named by the Barack Obama Foundation are Columbia University in New York City and the University of Hawaii in Honolulu.

U of C and UIC will now have to submit a formal proposal to the foundation, which according to the foundation’s website, must include details on the management of the project, site development plans, community partnerships, marketing strategies and more. They have until December 11 to submit their proposals and a final decision is expected early next year.

Back in March, both universities proposed three potential sites each to be the future home of the presidential library. The foundation did not disclose if it has narrowed down the number of sites.

“We were amazed by the quality of responses to our Request for Qualifications and we are grateful to every institution that expressed interest in carrying President Obama’s legacy forward,” said Board Chair Martin Nesbitt in a statement on the foundation’s website. “These four potential partners have come the farthest in meeting our criteria and have each demonstrated a strong vision for the future Obama Presidential Library. We look forward to working with each institution to further refine their proposals over the coming months, and to presenting our recommendations to the President and First Lady early next year.”

Both U of C and UIC were among several Chicago applicants. Chicago State University submitted an application as well as two private bids for the old U.S. Steel South Works site and another at the long-vacant Michael Reese Hospital just south of McCormick Place in Bronzeville.