Los Angeles has come to an agreement with the International Olympic Committee to bring the 2028 Summer Games back to Southern California.

Los Angeles will host the 2028 Olympics after the city reached a deal with the International Olympic Committee. 

The deal will allow Paris to host the 2024 Games, which had been expected. In waiting four years to host the Games, the Los Angeles Organizing Committee will receive funds from the IOC “in view of the longer planning period” and to support youth sports programs in the city, according to a news release.

The IOC will contribute $1.8 billion with the potential to exceed $2 billion because of existing sponsor agreements and potential new marketing deals.

In August the Los Angeles city council and U.S. Olympic Committee board of directors will meet to consider approving the agreement. If it’s approved, LA and Paris will enter a tripartite agreement that clears the way for IOC members to confirm both Olympic host cities at meetings in Lima, Peru, on Sept. 13. 

“This is an historic day for Los Angeles, for the United States and for the Olympic and Paralympic Movements around the world,” Los Angeles mayor Eric Garcetti said in a statement. “Today, we take a major step toward bringing the Games back to our city for the first time in a generation and begin a new chapter in Los Angeles’ timeless Olympic story.”

A news conference with Garcetti and city council president Herb Wesson was scheduled for 5 p.m. Pacific on Monday. 

The IOC paved the way for the historic dual award with a unanimous vote earlier this month to try to reach a…