Tuesday, the respective boards of the Academy of Motion Picture Arts and Sciences and the Los Angeles County Museum of Art officially agreed to embark on the construction of a long-awaited addition to this cinematic city: an Academy movie museum to occupy the LACMA West building. The two organizations have initiated a formal agreement to outline fundraising plans, the museum's design and curatorial strategy, as well as the alterations to be made to the historic 72-year-old May Company department store building, which has housed LACMA West since 1994.

The 300,000-square-foot space will accommodate both permanent and rotating exhibitions that seek to illustrate film's complex relationship to popular culture. "The Academy Museum of Motion Pictures will provide a new destination for cultural tourists and Los Angelenos to learn more about cinema," said Terry Semel, co-chair of the LACMA Board of Trustees, in a press release, "... the setting could not be more ideal, nestled next to the largest encyclopedic art museum in the Western United States."