SACRAMENTO — Gov. Gavin Newsom announced that the California Infrastructure and Economic Development Bank, known as IBank, has closed $236.03 million in revenue bond financing to support the transformation of the La Brea Tar Pits in Los Angeles.

The financing will benefit the Los Angeles County Museum of Natural History Foundation and will primarily fund the La Brea Tar Pits Reimagine Project. The project is designed to transform the historic fossil site into a world-class destination for scientific research, education and public engagement.

IBank is housed within the Governor’s Office of Business and Economic Development, or GO-Biz, and provides financing for public infrastructure and private development projects.

Major Improvements Planned for 13-Acre Site

Located in Hancock Park, 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.

Proceeds from the bond financing will support improvements throughout the 13-acre property, including:

? 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 collection areas

? New indoor and outdoor educational spaces for students and community organizations

Project Expected to Create 2,270 Jobs

In addition to advancing scientific research and education, the project is expected to generate approximately 2,270 jobs, including about 1,460 construction positions. It is also projected to produce approximately $188 million in labor income.

Newsom said the newly secured IBank financing will allow exploration and research to continue at the La Brea Tar Pits as renovations move forward.

He said the addition of the Samuel Oschin Global Center for Ice Age Research will establish Los Angeles as an unparalleled gateway to the Ice Age for millions of visitors. The project, he added, reflects California’s long-term commitment to science, education and innovation and will inspire curiosity and learning for generations to come.