L.A.'s 2024 Olympic Bid Backed by City Council

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Council members expressed enthusiasm about the Games and caution about guarding taxpayer funds.

The United States Olympic Committee formally has named the city of Los Angeles as the U.S. bid to host the 2024 Olympics.

USOC CEO Scott Blackmun announced the selection Tuesday, shortly after the Los Angeles City Council cleared the way for Mayor Eric Garcetti to execute agreements that began negotiations with the USOC.

"Breathe this moment in. There are few moments like this in our lifetime," said Garcetti, adding: "This is a great day for Los Angeles and a great day for the Olympic movement."

The International Olympic Committee will pick the host city in 2017. Rome; Paris; Hamburg, Germany; and Budapest, Hungary, are already in the mix.

Los Angeles hosted the 1932 and 1984 Olympics. If selected, Los Angeles would join London as the second three-time host city.

Many financial details of the multibillion-dollar Los Angeles plan remain vague.

Sept. 1, 1:15 p.m. Updated with additional information.

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