Jan. 15--After months of public and private discussion, the Los Angeles City Council has approved a "memorandum of understanding" that governs its relationship with the private committee bidding for the 2024 Summer Olympics.
The document, originally debated in council sessions last year, was voted upon Friday. It seeks to ensure LA 2024 leaders will meet regularly with council members during the bidding process.
"This morning's action paves the way for the continued collaboration between the City of Los Angeles and Los Angeles 2024," Herb Wesson, the council's president, said in a statement. "Together we are ready to bring a historic third Olympic Games to the City of Angels."
LA 2024 has estimated it can stage the Olympics for about $6 billion and can generate revenues that exceed costs by $161 million.
However, the International Olympic Committee requires host cities to sign a contract that makes the municipal government liable if expenses ultimately outweigh revenue.
LA 2024 Chairman Casey Wasserman said a successful bid "is only possible with the city's support. We look forward to plenty more collaboration with the City Council in the months and, hopefully, years to come."
The IOC is scheduled to make its 2024 selection in late 2017.
