Going from what is shown, I'd say the last sentence is correct, considering that it doesn't have a comma.
Answer:
The University of Chicago wants to know why you are choosing that university over others. Why would that institution be perfect for you: that is information that only you can give based on your own aims and experiences.
Explanation:
There is an interest in knowing what ideas about the institution you carry beforehand, that is why you are asked how will UC "<em>as you know it now</em>" satisfy your educational needs. Talk about the study program, why would it be better for you to attend there and not other uni, if you are interested in being part of that particular community, if there is a family history behind that decision, if you think it would be good for your future to be a UC graduate. It is important that you take all this as bullet points to relate to your own wishes and your own history, because you are the only one that can answer that question.
