Several Olympic athletes including nine-time Olympic track champion Carl Lewis were on hand in City Hall chambers to back the bid's plans ahead of the vote.
Under the agreement, LA 2028, the committee behind the city's Olympic campaign, will invest up to $160 million to increase youth sports programmes in the city during the 11-year run-up to the Games.
City Council voted 12-0 to approve bringing the Olympics to L.A.in 2028 despite lacking an approved budget for the new bid.More news: Liverpool deny reports of Philippe Coutinho transfer request
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During a meeting and debate earlier Friday with the special Ad Hoc Committee on the 2024 Olympics, members voted to recommend approval of the documents to the full council.
"Today's vote by the City Council is a resounding show of confidence in our fiscally responsible plan for 2028 and more evidence of Angelenos' passion to return the Games to LA", Los Angeles Mayor Eric Garcetti said in a statement after the vote. However, an independent analysis of a new budget in the works for 2028 would not likely be completed for months.
City officials say the International Olympic Committee imposed a deadline of August 18 to approve agreements that spell out their financial responsibilities for hosting the 2028 Games. "Together with the united support of the City Council and the people of Los Angeles, we will deliver the greatest Games possible in 2028". Under the terms of the 2028 host city contract, the IOC would advance $180 million to the Los Angeles organizing committee due to the longer planning period and to fund youth sports in the years leading up to the Games. The IOC also agreed to funnel any of its profits from the Games back to the city. Jerry Brown signed legislation last September that puts California taxpayers on the hook for up to $250 million if Los Angeles was awarded the 2024 Games and they ran over budget. And city analysts say the question of state support might not be resolved until 2018, though legislative leaders have expressed support. "This new MOU ensures that our city priorities remain front-and-center in LA 2028's preparations for the Games".
LA will need to recast financial guarantees approved by the city and state to cover potential shortfalls connected with the 2024 bid. Gov.