La Brea Tar Pits $236M Is a Conduit Bond, Not a State Grant
IBank closed a $236.03M revenue bond for the La Brea Tar Pits overhaul. The museum foundation is the borrower, and construction began late October.
- Source Briefing
- Public record
- Also reported by Urbanize LA
The $236.03M behind the La Brea Tar Pits overhaul is a bond the museum foundation borrowed through the state, not money the state handed over. That distinction changes who carries the repayment risk on Museum Row’s next major build.
Why it matters
The California Infrastructure and Economic Development Bank (IBank) closed a $236.03M revenue bond for the Los Angeles County Museum of Natural History Foundation, according to a Governor’s Office release dated Aug. 14. The bonds were issued through IBank’s Conduit Bond Program, which gives nonprofits and other eligible borrowers access to tax-exempt and taxable financing. The release describes a bond issued on the foundation’s behalf, not a state appropriation.
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Work started at a ceremony in late October, Urbanize LA reported on Nov. 3, which is why the financing is back in play now. The bond closed roughly 11 weeks before groundbreaking.
The numbers
- Bond: $236.03M revenue bond, issued through the IBank conduit program.
- Jobs: about 2,270 projected, including 1,460 construction jobs, per the release.
- Labor income: about $188M projected.
- Site: 13 acres, with a new Samuel Oschin Global Center for Ice Age Research, a Wilshire Boulevard entrance, an expanded theater, and visible fossil preparation and collections areas.
- Design: a master plan by Weiss/Manfredi, per Urbanize LA.
The job and income figures are projections stated in the release, not measured outcomes.
What’s next
Urbanize LA reports the complex closed to the public for two years over the summer and that phase one, including the Page Museum expansion and berm removal, targets mid-2028 completion. The entrance pavilions, walkways, parking lot and research building follow in later phases, with the full plan spread over about seven years.
Watch for the bond’s official statement and trustee filings, which would show the debt terms. See more in Los Angeles coverage.
Quick answers
- What is the latest on Natural History Museums of Los Angeles County in Los Angeles?
- IBank closed a $236.03M revenue bond for the La Brea Tar Pits overhaul. The museum foundation is the borrower, and construction began late October.
- What are the key numbers for Natural History Museums of Los Angeles County?
- revenue bond: $236.03M; projected jobs: 2,270; labor income: $188M; phase one done: 2028.
- Where does the information on Natural History Museums of Los Angeles County come from?
- The story cites Governor of California and Urbanize LA.
On the record
Groundbreaking on the La Brea Tar Pits overhaul came in late October, with phase one targeted for mid-2028 per Urbanize LA.
Public record · la.urbanize.city
Primary record
- Public recordThe $236.03M is a revenue bond issued through IBank's Conduit Bond Program for the Los Angeles County Museum of Natural History Foundation, not a state grant.View the record on gov.ca.gov
- Governor of CaliforniaIBank closes $236 million in bond financing for La Brea Tar Pits Reimagine Project
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