Los Angeles' City Council have declared their support towards hosting the 2028 Olympic and Paralympic Games in a meeting today,
The announcement followed the decision by Los Angeles that would host 2028 rather than the 2024 Olympics, which they had originally been bidding for.
its intentions to host the later edition of the Games rather than the 2024 event they were initially bidding for.
Council members backed Los Angeles Mayor Eric Garcetti that the switch would benefit the city due to factors, including financial benefits, set to be received.
The IOC has already agreed to advance a $180 million ($136 million/€152 million) interest-free loan to cover the Organising Committee's operating costs, as well as support for youth sport in the city.
"To me it seems very clear that this is a better package for the people of Los Angeles and it’s a safer package for the taxpayers and the budget of Los Angeles than we had for 2024, and that was a great package," said Councilman Paul Krekorian.
At the start of the meeting, Garcetti had outlined how the 2028 deal should benefit the city and its population.
"If somebody literally said you can take this deal for 2024 or this deal for 2028, you can have either one, I would take this 2028 deal, because I want the city to feel it immediately," he said, according to the City News Service.
"I don’t want seven or eight years of kids to be lost and never get to play sports."
The IOC have also agreed to make a $1.8 billion (£1.4 billion/€1.5 billion) contribution has the potential to exceed $2 billion (£1.5 billion/€1.7 billion) according to the evaluation of the Los Angeles Bid Committee when taking into account the estimated value of existing sponsor agreements to be renewed and potential new marketing deals.
Los Angeles will also be exempt from other payments and will retain the option of selling domestic sponsorship in categories not covered by the IOC.
They will also be allowed to keep all surplus profit that they make.
Paris is poised to be awarded the 2024 edition.
Both cities must still be rubber-stamped by the IOC membership at their Session in Lima on September 13.