MORE: LA 2024 releases renderings for 3 Olympic venuesThere is a lot of taxpayer money on the line. DOWNTOWN LOS ANGELES (KABC) — The Los Angeles City Council on Wednesday unanimously approved the contract it would sign if Los Angeles lands the 2024 Summer Olympics.Last week, the City Council unanimously approved the bid with a preliminary vote. That cost is considerably lower than the 2012 London Games, which ended up costing $15 billion, as well as the 2014 Olympics in Russia, where cost overruns topped $20 billion. Wednesday’s final vote cements the city’s support. taxpayers and the state of California could be held responsible for payment.The vote came ahead of a Feb. LA 2024 put the price tag at more than $5 billion. LA 2024 officials say 90 percent of the needed venues already exist in L.A., and any other costs will be covered by private funding.MORE: Hosting 2024 Olympics could boost LA’s economic output by $11.2B, study saysHowever, if there are cost overruns, L.A. 3 deadline, when the LA 2024 Olympic Bid Committee must turn over its final set of documents to the International Olympic Committee.City News Service contributed to this report.