California Construction News staff writer
The California Infrastructure and Economic Development Bank has closed a $236.03 million revenue bond to finance improvements at the La Brea Tar Pits in Los Angeles, including construction of a new research centre focused on the Ice Age.
The financing will primarily support the La Brea Tar Pits Reimagine Project, a redevelopment of the 13-acre site in Hancock Park being undertaken by the Los Angeles County Museum of Natural History Foundation.
The La Brea Tar Pits is one of the world’s most significant fossil sites and a major centre for scientific research and public education.
Bond proceeds will support construction 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.
The project is expected to generate about 2,270 jobs, including 1,460 construction jobs, and about $188 million in labor income.
“Exploration will continue on at the La Brea Tar Pits with new financing secured from IBank,” Gov. Gavin Newsom said. “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.”
IBank operates within the Governor’s Office of Business and Economic Development and provides financing for public infrastructure and economic development projects in California.
The bonds were issued through IBank’s Conduit Bond Program, which provides tax-exempt and taxable bond financing to eligible nonprofit organizations, manufacturers, exempt facilities, public agencies and other borrowers.
“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,” Negritto said.
The Samuel Oschin Global Center for Ice Age Research will anchor the redevelopment, which is intended to modernize the site while expanding opportunities for scientific research, education and public engagement.
