The building at Los Angeles International Airport (LAX) is the latest phase in a $14 billion (£11.2 billion/€13.2 billion) transport modernisation project.

It is said to "form a part of LA 2024's promise of fast, convenient transport for international Games visitors".

Garcetti joined Council members Mike Bonin, Bob Blumenfield and Joe Buscaino, along with Los Angeles World Airports (LAWA) leaders, to unveil plans for the terminal.

Set for completion in 2019, the new terminal will increase LAX's capacity for travellers by adding 12 new gates, a new baggage system and additional dining and shopping amenities.

The modernisation project includes upgrades to nearly every terminal in the airport, plus a new railway line which will connect airport passengers directly to LA's public transportation system.

"LAX means so much to LA’s economy - it’s an incredible job-creator that employs more than 50,000," said Garcetti.

"A record 47.3 million tourists visited our city last year - that's why we're investing billions to make it one of the premier airports in the world."

The new terminal will be located just west of the Tom Bradley International Terminal (TBIT), and will connect passengers to it using a 1,000-foot underground tunnel.

"The LAX modernisation plan being spearheaded by Mayor Garcetti and the City Council will take place with or without the Games, but it will undoubtedly enhance LA 2024's ability to offer an outstanding end-to-end Games-time experience for every visitor," said LA 2024 chairman, Casey Wasserman.

"LA 2024 requires no new transport infrastructure to host the Games, but we have worked to capitalise wherever possible on these ambitious, impactful, sustainable projects that are revolutionising mass transit and improving the lives of Angelenos today.

"LAX’s modernisation plan is further evidence that LA 2024's low-risk, sustainable vision for the Games fits perfectly with the city's ongoing transformation and investment in its future."

The new terminal comes on the heels of Los Angeles County voters' approval of a ballot measure last November, which will provide $120 billion (£96 billion/€113 billion) for new rail lines, bus services and road improvements regardless of whether the city is awarded the 2024 Games.

Last week, Budapest's bid for the 2024 Games was withdrawn after a petition set up by campaign group Momentum Mozgalom calling for a referendum was signed by 266,151 people.

Budapest 2024 chairman Balázs Fürjes confirmed formal closure procedures had begun while the International Olympic Committee (IOC) released a statement saying they had received communication of the bid's withdrawal.

That means Los Angeles and Paris are now the only two candidate cities remaining in the race for the 2024 Games, with a decision to be made during the IOC Session in Lima on September 13.