IOC decides it can award two Summer Olympics simultaneously

Last Updated Jul 11, 2017 12:29 PM EDT

The International Olympic Committee has decided it can award two future Summer Olympics at the same time in September. 

Los Angeles Mayor Eric Garcetti led the city's formal presentation to bring the games back to the U.S. in 2024. Paris is also trying to win over IOC members.

In the unprecedented decision, both cities could end up with the Games but the big question that remains is the date -- 2024 or 2028. 

That much time can have an impact on budget and venues, like at Los Angeles' iconic Coliseum, which would need an upgrade and track installation before it's ready to host the world, reports CBS News' Jamie Yuccas. 

"This moment requires bold new solutions, bold new thinking, and I think Los Angeles is well poised -- the best poised -- to be able to answer those questions for the Olympic movement today," Garcetti said during his presentation in Switzerland. 

But for L.A. to win the earlier date, the committee will have to overlook a historic hook: 2024 would mark the 100th anniversary of Paris hosting the games.

French President Emanuel Macron said Paris is better suited to defend the games' values of openness and tolerance, which is being challenged by "others."

"Everything which makes this Olympic spirit and which gathers us today and today's values are at risk, and I think it's very consistent with the French DNA, the French mission," Macron said.

"We never were talking about 2028 until the IOC brought up the possibility. And then we have to deal with that," said L.A. Chamber of Commerce president Gary Toebben.

Initially, Boston also got the chance to bid along with Rome; Hamburg, Germany; and Budapest, Hungary, for 2024, but all four cities dropped out over cost and size concerns.

"It's a deal, deal, deal. They kind of have to give up something to get one city to wait," said David Wharton, who covers the Olympics for the Los Angeles Times.  
Both Paris and Los Angeles are hoping to put on the games without a hefty price tag. Los Angeles is budgeting more than $5 billion, less than half the estimated cost of the Rio Olympics and a fraction of the $51 billion Sochi reportedly spent on the 2014 winter games.

If L.A. doesn't get the games until 2028, there is concern it could lose momentum.

"No one's ever put on a games where it was planned 11 years in advance. How do you keep that going? So that will be a challenge," Wharton said. 
But for those involved with bringing the Olympics back to L.A., it's game on.

"Los Angeles is so proud of the 1932 and 1984 Olympics, and they would like nothing better than to prove that they can do it three times in a row," Toebben said.