City Council expected to OK Los Angeles’ 2024 Olympic bid today

The final obstacle standing between Los Angeles and a bid for the 2024 Summer Olympics is expected to fall by the wayside with a City Council vote Tuesday morning.

Approval by council members, who have debated the issue for more than a week, would give Mayor Eric Garcetti authority to pursue the bid.

That would clear the way for the U.S. Olympic Committee to name L.A. as the designated American candidate by early afternoon.

A team led by Garcetti and sports executive Casey Wasserman recently concluded negotiations with the USOC regarding terms of the bid.

The initial proposal carries a budget of $4.1 billion with an additional $150 million in insurance premiums and a $400-million contingency fund for cost overruns. Private-sector partners would be expected to contribute more than $1.7 billion, pushing the overall price tag over $6 billion.

Garcetti has vowed to sign an International Olympic Committee host contract that would make the city financially liable if the Games end up in debt. The mayor has projected that billions in broadcast, sponsorship and ticket revenues would cover costs and generate a $161-million surplus.

On Friday, Wasserman said he has already raised $35 million for the formation of a private committee to lead the campaign.

Los Angeles previously hosted the Olympics in 1932 and 1984. It would take the place of Boston, which was initially chosen to be the USOC’s candidate but withdrew in late-July because of low public support.

The deadline for submitting candidates to the International Olympic Committee is mid-September. Paris, Rome, Hamburg and Budapest have already signaled their intention to try for 2024.