At long last, the Academy Museum of Motion Pictures on Wilshire Boulevard in Los Angeles is scheduled to open on December 14. The announcement was made by museum trustee Tom Hanks during the Oscars telecast on Sunday. Hanks is a co-chair of the Academy Museum campaign along with Disney CEO Bob Iger and Academy Award-nominated actress Annette Bening. In his speech, Hanks stressed the importance of such a museum in Los Angeles. “There is plenty of culture to be found in the City of Angels, but there has never been a museum dedicated to the art and science of motion pictures,” said Hanks.

According to VarietyAcademy Museum Director Bill Kramer stated the facility will offer a "thrilling combination of exhibitions, screenings, and public and educational programs". Visitors will be able to experience installments such as the Barbra Streisand Bridge, the Steve Tisch Terrace, the East West Bank Gallery and the Bob Iger and Willow Bay Terrace.

None of this came easy, or cheap. This opening date news comes eight whole years after the project was originally announced. Back in 2012, the Academy raised $200 million out of their $250 million goal, but it wasn't enough to assure the museum's opening by 2016. Just two weeks ago, Academy President David Rubin announced that they had amassed $368 million, 95% of their campaign goal.

The Academy Museum occupies the same space as the former May Co. department store. The main building of the museum will be called the Saban Building, named after $5 million donors Haim and Cheryl Saban.

 Gallery — A History of Oscar Best Picture Winners:

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