It will be located at Irving Park and Marine Drive, the former site of the American Islamic College.
Clay said the decision was made to bring migrants there because quote "we had to step up to the plate."
The assistant principal of Brennemann Elementary seemed eager to do just that.
"We are so very excited to have these students become part of our community," he said.
So far, more than 11,000 migrants have come to Chicago. A bus arrived from Texas on Friday morning.
"How do we help bring these individuals here, and then get them acclimated to the neighborhood community?" a meeting attendee asked.
Currently, more than 5,400 migrants are in shelters, and 958 are at police stations.