Los Angeles and U.S. Olympic officials reach agreement on 2024 bid

Los Angeles officials and the U.S. Olympic Committee have reached an agreement in their negotiations over L.A. serving as the American bidder for the 2024 Olympic Games, according to a person close to the situation who was not authorized to speak publicly.

If, as expected, the Los Angeles City Council votes on Tuesday to authorize Mayor Eric Garcetti to pursue the bid, the announcement could come as soon as that afternoon.

“We’ve made significant progress and are awaiting council approval before taking any next steps,” said Jeff Millman, a senior aide to Garcetti who is on leave to handle the L.A. bid.

Millman declined to comment further on the negotiations or on any potential announcement. The USOC also declined to comment.

For the process to move forward, Garcetti would have to sign a joinder agreement with the USOC. Council members have been studying that document and inserting language that would ensure their participation in the process over the next two years.

Of primary concern: Garcetti has promised to sign a standard International Olympic Committee contract that makes the city financially responsible if unforeseen costs exceed revenues.

Garcetti has drafted a bid that projects $4.1 billion in expenses with an additional $400-million contingency fund. The proposal estimates the Games would generate enough revenue for a $161-million surplus.

Private partners such as USC and a developer would be expected to contribute more than $1.7 billion to the effort.

Candidate cities must submit their applications to the IOC by mid-September. For Los Angeles, that would begin a long, difficult campaign against international candidates such as Paris, Rome and Hamburg, Germany.

The IOC will vote to select a host in the summer of 2017.