The city of Los Angeles reached a deal on Monday for the city to host the 2028 summer Olympic games, making it a three-time Olympic city.

The agreement followed an earlier vote this month by the International Olympic Committee to seek a deal to award the 2024 and 2028 games.

TRUMP: 'WORKING HARD' ON LA OLYMPICS BID

With the agreement, Los Angeles would get the 2028 games and Paris, which is widely seen as the favorite, would get the 2024 games.

The city is taking "a major step toward bringing the Games back to our city for the first time in a generation," Mayor Eric Garcetti said in a statement. LA hosted the 1932 and 1984 games as well.

Garcetti called it a "historic day for Los Angeles, for the United States" and the Olympic movement.

President Donald Trump, who calls himself a strong supporter of the 2028 Summer games, said in a statement that Americans shine brightly during the Games and "LA will be no exception."

The president congratulated the U.S. Olympic Committee and the privately run committee behind the LA bid, saying its plan "demonstrates the best in American creativity, innovation and hospitality."

RYAN LOCHTE CONTEMPLATED SUICIDE AFTER RIO OLYMPICS

The Los Angeles City Council and U.S. Olympic Committee board of directors are set to consider the agreement for approval in August. If approved, the IOC, LA and Paris may enter a three-part agreement, clearing the way for the IOC to simultaneously award the 2024 Games to Paris, and the 2028 Games to LA. The IOC vote is scheduled for September, in Lima, Peru, Fox 11 reported.

In embracing what amounted to the second-place prize and an 11-year wait, LA will receive a financial sweetener.

Under the terms of the deal, the IOC will advance funds to the Los Angeles organizing committee to recognize the extended planning period and to increase youth sports programs leading up to the Games. The IOC contribution could exceed $2 billion, according to LA officials. That figure takes into account the estimated value of existing sponsor agreements that would be renewed, as well as potential new marketing deals.

MELANIA TRUMP TO LEAD U.S. DELEGATION TO INVICTUS GAMES

LA and Paris were the last two bids remaining after a tumultuous process that exposed the unwillingness of cities to bear the financial burden of hosting an event that has become synonymous with cost overruns.

LA was not even the first American entrant in the contest. Boston withdrew two years ago as public support for its bid collapsed over concerns about use of taxpayer cash. The U.S. bid switched from the east to the West Coast as LA entered the race.

But the same apprehensions that spooked politicians and the local population in Boston soon became evident in Europe where three cities pulled out.

Uncomfortably for IOC President Thomas Bach, whose much-vaunted Agenda 2020 reforms were designed to make hosting more streamlined and less costly after the lavish 2014 Sochi Games, the first withdrawal came from his homeland of Germany.

The lack of political unity for a bid in Hamburg was mirrored in Rome and Budapest as support for bids waned among local authorities and the population. It was clear they did not want to be saddled with skyrocketing bills for hosting the Olympics without reaping many of the economic benefits anticipated.

GRANTED UK ASYLUM AFTER 2012 OLYMPICS, SOMALIAN TO RUN AGAIN

Just like in the depleted field for the 2022 Winter Games which saw Beijing defeat Almaty, the IOC was left with only two candidates again.

With two powerful cities left vying for 2024, Bach realized France or the U.S. could be deterred from going through another contest for 2028 if they lost. Bach floated the idea in December of making revisions to the bidding process to prevent it producing "too many losers," building support that led to LA and Paris being able to figure out themselves how to share the 2024 and 2028 Games.

The dual award of the games relieves the IOC of having to test the global interest in hosting the Summer Olympics for several years until the 2032 Games are up for grabs.

Los Angeles City Council President Herb Wesson called the agreement a "win-win-win scenario."

The opportunity to host the 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," Wesson said.

Click for more from Fox 11.

The Associated Press contributed to this report.