~ Sacramento - On August 14, 2026, the California Infrastructure and Economic Development Bank (IBank) announced the successful closure of a $236.03 million revenue bond for the La Brea Tar Pits Reimagine Project. This financing was made possible through the efforts of Governor Gavin Newsom and the Governor's Office of Business and Economic Development (GO-Biz).

The bond will primarily support the Los Angeles County Museum of Natural History Foundation in their efforts to revitalize the iconic La Brea Tar Pits site. Located in Hancock Park, Los Angeles, the La Brea Tar Pits is a renowned fossil site and a popular destination for scientific research and public education.

The funds from this bond will be used to make significant improvements to the 13-acre site, including the 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.

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Aside from advancing scientific research and education, this project is also expected to have a positive impact on the local economy. It is estimated that approximately 2,270 jobs will be created as a result of this project, including 1,460 construction jobs. Additionally, it is projected to generate around $188 million in labor income.

Governor Newsom expressed his excitement about this project stating that "Exploration will continue on at the La Brea Tar Pits with new financing secured from IBank." He also highlighted how this project will transform Los Angeles into a leading destination for learning about the Ice Age.

Andy Nakahata, Executive Director and CEO of IBank, shared his pride in supporting projects that not only strengthen California's cultural institutions but also create economic opportunities and educational resources for communities. He believes that this financing will help advance a landmark project that preserves a significant scientific resource while expanding opportunities for discovery and learning.

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Leslie Negritto, Chief Financial Officer of the Natural History Museums of Los Angeles County, also expressed her enthusiasm for this project. She stated that "We are embarking on a once-in-a-generation reimagining of the La Brea Tar Pits" and that this collaboration with IBank is vital to its success.

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. This program supports public infrastructure and economic development projects that create jobs, strengthen communities, and promote economic growth throughout California.

Overall, this project reflects California's commitment to science, education, and innovation. It is expected to inspire curiosity and learning for generations to come while also providing economic benefits to the local community. With renovations already underway and the creation of the new Samuel Oschin Global Center for Ice Age Research, the La Brea Tar Pits will continue to be a significant scientific resource and a must-visit destination in Los Angeles.

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