It’s official: Los Angeles will host the 2028 Summer Games, marking the third time the city plays Olympic host.

Last week, the International Olympic Committee, meeting in Lima, Peru, formally voted to award the 2024 Summer Olympics to Paris and the 2028 games to Los Angeles, finalizing an agreement reached in July among the three parties.

In exchange for Los Angeles agreeing to cede the 2024 games to Paris, the IOC agreed to advance roughly $300 million more in funds to the yet-to-be-formed Los Angeles Olympic Organizing Committee to offset increases in costs and to increase access to youth sports. That would bring the total IOC contribution to about $2 billion.

This marks the third Summer Olympics for Los Angeles.

“For the first time in a generation, we are bringing the games back to the city of Angels,” Los Angeles Mayor Eric Garcetti said in a release immediately after the IOC vote.

L.A.’s $5.3 billion bid for the 2028 games, which includes the IOC funding and relies heavily on private money, proposes the construction of only one temporary venue – for rowing events. Bid committee officials last year ditched a $1 billion-plus plan to build an Olympic Village and instead decided to use existing dormitories and housing at UCLA.

–Howard Fine

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