The city of Santa Monica is wrapping up a deal to bring billionaire Eli Broad's long-planned contemporary art museum to the seaside town, city officials told the Santa Monica Daily Press. The location would be a 2.5-acre, city-owned lot near the Civic Auditorium.

Beverly Hills and possibly Culver City were in the running to host the museum, but the Daily Press reports that the City Council could approve an agreement as soon as Tuesday. “I feel that the vast majority of issues have been discussed thoroughly and agreed to,” City Councilman Bob Holbrook told the paper.

The paper reported that the city and the philanthropist's nonprofit Broad Foundation were working out final details about an endowment for the museum. The facility would house 2,000 pieces from Broad's collection including work by Andy Warhol and Henri de Toulouse-Lautrec.

The city would contribute about $3 million, including tax breaks, to the project, the paper reported. ” … It's absolutely huge for Santa Monica and for the region,” said Councilman Richard Bloom.

Advertising disclosure: We may receive compensation for some of the links in our stories. Thank you for supporting LA Weekly and our advertisers.