A state financing institution closed a $236.03 million revenue bond for the Los Angeles County Museum of Natural History Foundation, providing dollars to support a transformational project at the LA Brea Tar Pits, officials announced Friday.
On Friday, Gov. Gavin Newsom said the bond proceeds will finance improvements to the 13-acre museum. Located in Hancock Park, the La Brea Tar Pits Reimagine Project will have the George C. Page Museum undergo what officials describe as the most extensive renovation in its nearly 50-year history.
The project will modernize the facility with new exhibition galleries, visible research laboratories, expanded collections storage, a theater and a rooftop terrace overlooking the tar pits and surrounding park.
The renovation also will preserve the museum’s historic atrium and iconic exterior while improving accessibility during the building, officials said. Plans also call for construction of the Samuel Oschin Global Center for Ice Age Research, bringing fossil preparation and scientific research into public view.
On July 7, the museum building officially closed for its two-year renovation, though the surrounding park will remain open and accessible for visitors. Officials aim to have the museum reopen in 2028 ahead of the Los Angeles Olympic and Paralympic Games.
Additionally, paleontologists and researchers will continue excavating fossils, caring for the collection and conducting scientific research, while educational programs, behind-the-scenes tours, presentations and visits by the La Brea Tar Pits Mobile Museum also will continue, officials said.
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, according to the Governor’s Office.
“We are embarking on a once-in-a-generation reimagining of the La Brea Tar Pits, transforming this critical resource into a global hub that is more visible, accessible and essential than ever before,” Natural History Museums of L.A. County CFO Leslie Negritto said in a statement.
“The new Samuel Oschin Global Center for Ice Age Research sits at the heart of this transformation, and our collaboration with IBank is vital to advancing this project and preserving and modernizing one of Los Angeles’ most iconic landmarks.”
Bond proceeds come from the California Infrastructure and Economic Development, also referred to as IBank. Established in 1994, IBank was created to finance public infrastructure and private development that promote jobs, contribute to the economy, and improve the qualify of life for California residents.
IBank is located within the Governor’s Office of Business and Economic Development, and it’s governed by a five-member board of directors. It has broad authority to issue tax-exempt and taxable revenue bonds, providing financing to public agencies, provide credit enhancements, acquire or lease facilities, among other services.
“Exploration will continue on at the La Brea Tar Pits with new financing secured from IBank. With renovations currently underway and the creation of the new Samuel Oschin Global Center for Ice Age Research, Los Angeles will transform into an unparalleled portal to the Ice Age for millions of visitors to witness,” Newsom said in a statement.
The governor emphasized the project reflects the state’s lasting commitment to science, education and ingenuity.
“IBank is proud to support projects that strengthen California’s cultural institutions while creating economic opportunities and educational resources for communities,” IBank CEO and Executive Director Andy Nakahata said in a statement.