Apr 26, 2016 07:03 AM EDT By Mariel Hemingway, UniversityHerald Reporter

Chicago Mayor Rahm Emanuel wants to build Lucas Museum of Narrative in honor of "Star Wars" creator George Lucas. Emanuel plans to put the museum on the lakefront or where the McCormick Place East is standing. He plans to borrow $1.2 billion dollars to build it.

Chicago Tribune reports that George Lucas and his wife, Mellody Hobson already have a sponsored building in Chicago. It is The Gordon Parks Arts Hall, an art wing in the Universit of Chicago that opened last year in the fall. Lucas and his family reportedly donated $25 million for it. According to the outlet, the building is allegdly better than the proposed museum designed by Chinese architech Ma Yansong.

The arts hall was designed by Joe Valerio and partner Randy Mattheis. Together, they took care to design and structure the building that is similar to the ones that could be seen in "Star Wars." The building was built for middle and high school students. It includes music rehearsal rooms, art gallery, black-box theater, and art studios to name a few.

WGNTV.com reports that in order to raise funds for the new Lucas Museum of Narrative building, Mayor Emanuel will continue the 2 percent hotel tax and other taxes in addition to providing $15 million yearly taxpayer subsidies. George Lucas will also have to pitch in around $750 million.

Mayor Emanuel said that in order to compete with Las Vegas, New York and Orlando, Chicago has to be willing to invest in their future by building the museum. The building is aimed at attracting tourists and fans of George Lucas and his work as well as generates work for local citizens. Chicago Sun Times reports that the tax increases will be payable by tourists and not the locals.

The proposed museum is planned to be built at the southern part of McCormick Place East that includes the Arie Crown Theater. The plan is to not demolish a vast underground parking that can accomidate a couple of thousand cards, heating and cooling systems will remain as well as subterranean storage. Emanuel's plea came at the time when Chicago has temporarily discontinued the funding to public higher education institutions where majority of low-income students go.

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