Los Angeles named U.S. candidate host city for 2024 Summer Olympics

Los Angeles, which has hosted the Summer Games twice before, in 1932 and 1984, joins a field of contenders that includes Paris, Rome, Budapest and Hamburg, Germany.

"It is my distinct honor today to formerly name the city of Los Angeles as the U.S. bid city to host the 2024 Olympics," USOC Chief Executive Officer Scott Blackmun told a news conference.

The final obstacle facing the city's candidacy was cleared earlier Tuesday when the Los Angeles City Council voted unanimously to pursue a bid for the 2024 Games, giving Los Angeles the chance to become the only city besides London to host the Olympics three times.

The International Olympic Committee will elect a winning bid in 2017.

Mayor Eric Garcetti is solidly behind the campaign to host the 2024 Olympics, as is most of the city's business establishment, though some council members raised concerns that Los Angeles could be on the hook for costs that exceed revenues.

Los Angeles had found itself as the most talked-about U.S. candidate city for the 2024 Summer Olympics after officials in Boston took that city out of contention.

Boston's mayor said he did not want to expose municipal taxpayers to the potential tab for mammoth cost overruns the games have left other host cities.

The resolution adopted on a 15-0 vote by Los Angeles City Council provides a caveat for the city to bow out if it fails to reach a suitable agreement with Olympic officials on financial terms of a hosting deal.

Los Angeles represents a possibly thrifty choice, in large part because officials say most prospective event venues for the games already exist, including Memorial Coliseum, which will be 101 years old in 2024.

The group LA24, a formed to pursue an Olympic bid, has put the total estimated costs of hosting the Summer Games at $5.8 billion and has committed to generating $4.1 billion of the total. The rest would left for private sources to raise, including an estimated $925 million to build a new Olympic Village to house the athletes.

Councilman Felipe Fuentes said his continued support hinged on municipal officials maintaining a say over expenditures.