LOS ANGELES (CBSLA.com) — Los Angeles has struck a tentative deal with the International Olympic Committee to host the 2028 Games, the Los Angeles Olympic Committee announced Monday.

“This is an historic day for Los Angeles, for the United States and for the Olympic and Paralympic Movements around the world. 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,” Mayor Eric Garcetti said.

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Los Angeles originally bid to host the 2024 summer Olympics, competing with Paris. But the IOC recently approved a plan to name a host of both the 2024 and 2028 Games simultaneously.

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Garcetti, Council President Herb Wesson and LA 2024 bid chairman Casey Wasserman have scheduled a 5 p.m. news conference at the StubHub Center in Carson to officially announce the agreement.

“The city of Los Angeles is a proud and enthusiastic partner in this `win-win-win’ scenario,” Wesson said. “The opportunity to again host the Olympic and Paralympic Games is a golden occasion further strengthening Los Angeles — not just through bricks and mortar, but through new opportunities for our communities to watch, play and benefit from sport.”

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Los Angeles has budgeted more than $5 billion to host the Games, less than half the estimated cost of the Rio Olympics and a fraction of the $51 billion Sochi reportedly spent on the 2014 winter games.