Los Angeles, California's Bid for 2024 Olympics By Charissa Echavez | Aug 31, 2015 01:21 AM EDT Los Angeles City Council's decision to bid for the 2024 Summer Olympics has been put on hold until Friday . The original contender to host the said even was Boston; however California was bidding against it and has released a budget plan that concluded that the cost of hosting the Games would be around $4.1 billion. The proposed budget would cover renovations of establishment and the construction of the Olympic Village. Los Angeles California has already hosted the Olympics thrice, one in 1932 and the other was in 1984. Boston's $4.5 billion bid has created stress amongst taxpayers, but California is determined with its $4.1 billion bid. The renovations would include $800 million makeover for the Los Angeles Memorial Coliseum, for its seat capacity upgrades and high class amenities, $500 million which would come from the University of Southern California as it is the home to its football events. Some of the events would be spread out across different locations in the city which would need another $1 billion. On top of that, there's also a $400 million contingency fund should there be overruns and $150 million for premium insurance. A $900 million would be allotted to build the Olympic Village for the athletes, who would be located on 125 acres of land by Union Pacific Co., Watch video The draft was already presented last Wednesday before the City Council that gave Mayor Eric Garcetti authorization to sign a contract with the International Olympic Committee should there be any overruns, the city would take responsibility to cover any cost if expenses would outweigh the revenues. The LA2024, the bid organizing committee stated that $4.1 billion budget won over the $4.6 billion budget of Boston because the city already has its amenites and the most that will be spent would be on the renovations and upgrades instead of building new establishments. The U.S. Olympic Committee has until September 15 to enter a bid with the International Olympic Committee.