The IOC decided on July 11 to award the two Summer Games in a single decision on Sept. 13 at its session in Lima, pending a tripartite agreement between the IOC and the two cities who were originally both bidding for 2024.
The agreement is set to be finalized in August, and LA's 2028 bid also requires final approval from the city council and the United States Olympic Committee (USOC).
The IOC said that the 2028 host city contract will include US$1.8 billion in IOC funding for LA. An IOC evaluation commission will also reassess LA's bid.
The announcement confirmed expectations that Paris would host in 2024, with Los Angeles to follow, if concessions were made.
Paris previously hosted the Games in 1900 and 1924, while Los Angeles was the Olympic venue in 1932 and 1984.
"The IOC welcomes this decision of the Los Angeles Olympic and Paralympic Candidature Committee, and we are pleased to release the Host City contract 2028 in a transparent and timely manner," IOC President Thomas Bach said.