Willye White was the first woman to compete for the U.S. in five Olympics and was considered the top American long jumper in the 1960s.
She later spent 37 years working in Chicago city government.
White died in 2007. During her lifetime, she created a foundation to help children develop their self-esteem, a goal that lives on today.
"We hope to spread the message through the Olympic movement that all children should be given an equal opportunity to excel, no matter what their background," Maggie Daley said.
Several Olympic athletes attended Saturday's dedication and signed a flag that will remain at the center.
Maggie Daley will head to Copenhagen next week to join her husband in support of the city's 2016 Olympic bid.