SACRAMENTO — Gov. Gavin Newsom Aug. 14 announced that the California Infrastructure and Economic Development Bank or IBank closed a $236.03 million revenue bond, providing the needed financing for the Los Angeles County Museum of Natural History Foundation to primarily support the La Brea Tar Pits Reimagine Project.
Located in Hancock Park in Los Angeles, the La Brea Tar Pits is one of the world’s most significant fossil sites and a leading destination for scientific research and public education.
Bond proceeds will support improvements to the 13-acre site, including the addition of the new Samuel Oschin Global Center for Ice Age Research, a new entrance along Wilshire Boulevard, an expanded theater, visible fossil preparation and collections areas, and new indoor and outdoor learning spaces for students and community organizations.
In addition to advancing scientific research and education, the project is expected to generate approximately 2,270 jobs, including 1,460 construction jobs, and approximately $188 million in labor income.