The Los Angeles City Council gave its final approval on Wednesday to the city’s bid for the 2024 Olympic Games.

With a 13-0 vote, the council approved a series of guarantees required under the International Olympic Committee process, including a guarantee to cover cost overruns. The city’s bid committee faced a Feb. 3 deadline to submit the approvals to the IOC.

The council has been debating the bid for more than a year. An ad hoc committee has worked with the privately-funded bid committee to refine the budget, in the hopes of minimizing the risk that the city will be put on the hook. Though many other cities have balked at the costs of hosting the games, Los Angeles retains positive memories from the 1984 games, which turned a profit.

“People understand we know how to do this,” said Councilman Paul Krekorian. “We can do it and we’ll do it well.”

The bid committee has emphasized that the city already possesses, or already has plans to build, all the infrastructure required for the games. An early plan for constructing a massive Olympic Village complex along the L.A. River was quickly scuttled. The plan now calls for hosting athletes at the UCLA dorms. The plan also includes an international broadcast center at NBC Universal in Universal City, and a media center at USC.

Two weeks ago, the bid committee released a proposal to hold dual groundbreaking ceremonies for the games at the L.A. Memorial Coliseum and at the new L.A. Rams football stadium, which is under construction in Inglewood.

L.A. assumed the U.S. bid in 2015, after Boston dropped out. Initially, at least five cities were competing for the Games. But Rome and Hamburg each dropped out, whittling the competition down to three cities: Paris, Los Angeles, and Budapest.

The International Olympic Committee is set to announce the host city on Sept. 13.