LOS ANGELES (CBSLA.com) — The International Olympic Committee selected Los Angeles on Wednesday as one of the five final candidates to host the 2024 Olympics.

The other cities that have been selected include Budapest, Hamburg, Paris and Rome, according to the IOC.

“We are welcoming five outstanding and highly qualified candidate cities,” said IOC President Thomas Bach.

Meanwhile, the IOC also announced plans to contribute $1.7 billion in cash and services to the Olympic Games 2024 organizing committee.

Los Angeles, which hosted the 1932 and 1984 Olympics, entered as a candidate after Boston withdrew their bid due to costs.

If selected, the 2024 games would be the first summer Olympics to be held in the U.S. since 1996, when Atlanta acted as host.

The final decision will be made in 2017 in Peru.

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