From the start, Paris insisted it could not wait around. Negotiations between L.A. and the IOC began in earnest last July and, by early August, the deal was done.
In return for going second, L.A. will not have to pay tens of millions in IOC fees and will receive a $180 million advance, most of which will go to funding youth programs citywide beginning as soon as next year.
The rechristened LA 2028 committee will also get a larger slice of IOC revenues and will not have to give the IOC a standard 20 percent of its surplus if the Games run under budget.
The Los Angeles City Council unanimously supported the agreement at a session marked by vocal protests last month.
"Today, LA 2028 is taking the final step in our bid, and preparing to begin our 11-year journey as an Olympic host city," Garcetti said. "I am thrilled to begin the next chapter of this process."
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