President George W. Bush
Lawrence Jackson  /  AP
With two years still remaining in his presidency, a decision is reportedly near on where to place President George W. Bush's presidential library.
updated 12/21/2006 3:08:23 PM ET 2006-12-21T20:08:23

The committee studying where to place the George W. Bush Presidential Library said Thursday it is entering into discussions with Southern Methodist University.

First lady Laura Bush's alma mater had been rumored to be the frontrunner among the three finalists: Baylor University in Waco, which is near the couple's Crawford ranch, and the University of Dallas.

Bush's library is expected to cost at least $200 million, financed with private donations. The library is expected to draw 500,000 visitors annually and bring millions to the local economy.

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