IBank closes $236 million in bond financing for La Brea Tar Pits Reimagine Project

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SACRAMENTO - Governor Gavin Newsom today announced that the California Infrastructure and Economic Development Bank (IBank), located within the Governor's Office of Business and Economic Development (GO-Biz) to finance public infrastructure and private development, 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.

"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. This incredible project reflects the Golden State's lasting commitment to science, education, and ingenuity, and will inspire curiosity and learning for generations to come."

Governor Gavin Newsom

"IBank is proud to support projects that strengthen California's cultural institutions while creating economic opportunities and educational resources for communities," said Andy Nakahata, IBank Executive Director and CEO. "This financing will help advance a landmark project that preserves a significant scientific resource while expanding opportunities for discovery and learning."

"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," said Leslie Negritto, Chief Financial Officer of the Natural History Museums of Los Angeles County. "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."

The bonds were issued through IBank's Conduit Bond Program, which provides access to tax-exempt and taxable bond financing for eligible nonprofit organizations, manufacturers, exempt facilities, public agencies, and other borrowers. Through its financing programs, IBank supports public infrastructure and economic development projects that create jobs, strengthen communities, and promote economic growth throughout California.

About the California Infrastructure and Economic Development Bank

IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy, and improve the quality of life in California communities. IBank is located within the Governor's Office of Business and Economic Development and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, leverage State and Federal funds and provide loan guarantees and other credit enhancements to small businesses. Find more information at www.ibank.ca.gov.