Los Angeles will host 2028 Olympics

By:

Posted: Jul 31, 2017 8:22 PM EDT

By Julia Horowitz

NEW YORK (CNNMoney) -- The Summer Olympics will head to Los Angeles in 2028, according to a spokeswoman for L.A. City Council President Herb Wesson.

The city has struck a deal with the International Olympic Committee to host the games.

"LA 2024 and the Olympic Organizing Committee have worked out a deal for Los Angeles to host the 2028 Olympic Games," said spokeswoman Caolinn Mejza. "The LA City Council will hold an ad-hoc meeting on Friday to discuss accepting the deal."

The International Olympic Committee said it will give LA's organizing committee $1.8 billion as part of the agreement.

The incentive package aims in part to "increase participation and access to youth sports programmes in the City of Los Angeles in the years leading up to the Games," according to an IOC statement.

This is the first time the Summer Olympics will be held in the U.S. since the 1996 Olympics in Atlanta.

Los Angeles also hosted the summer games in 1932 and 1984.

Los Angeles Mayor Eric Garcetti hailed the new arrangement as "a major step toward bringing the Games back to our city for the first time in a generation."

The move clears the way for Paris to host the Olympics in 2024. Earlier this month, IOC decided to award two games at once, and said the 2024 and 2028 games would go to Paris and L.A. -- it just hadn't decided which city would get which year.

The decision will be finalized in September.

In a statement, the team organizing Paris' 2024 bid said it "welcomes" the news.

"We are now looking forward to the opportunity of working with Los Angeles, and contributing to successful Games both in 2024 and 2028," said Tony Estanguet, the team's co-chair.

-- CNN's Paul Vercammen contributed reporting.

The-CNN-Wire