SACRAMENTO (Dec. 18, 2019) – The California Infrastructure and Economic Development Bank (IBank) Board of Directors approved a bond request not to exceed $125,000,000 today for the benefit of the Academy Museum Foundation. The proceeds of the bonds will help finance the construction, renovation, retrofitting and improvement of the Academy Museum of Motion Pictures in Los Angeles.
The Museum Foundation is a non-profit organization incorporated for the purpose of owning and operating a museum dedicated to the arts and sciences of motion pictures. The Museum Foundation plans to present exhibitions and programs devoted to the history and future of the motion picture industry. The museum will feature educational programming, screenings, panel discussions, displays of memorabilia, immersive gallery experiences and more to highlight the culture of movies.
The bond proceeds will provide the additional funding necessary to complete the construction of a portion of the Academy Museum to be located on Wilshire Boulevard.
“There are few things that capture the heart and imagination of California the way Hollywood has throughout the decades of movie production,” Acting Executive Director Nancee Robles said. “This is a great project for the IBank team because it will bring construction and permanent jobs. It’s also just a fun and creative museum that has an educational component that can be shared for years to come.”
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 on our website.
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