The completion date for the LMNA has not been released however, Price is in hopes that the project will break ground this year.
Earlier this year, Lucas announced that he had selected Los Angeles for the project, after previous proposals to locate in San Francisco, his hometown, and in Chicago, Hobson's hometown, stalled out.
The focus of the museum will be on artwork with storytelling elements and showcase paintings, illustrations and movie memorabilia, the Press-Telegram reported.
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The spaceship-like museum will be designed by Ma Yansong of MAD Architects, and will be part of an 11-acre site that includes a garden area and public park.
"Our collection features the original, artist-made creations, from sketches to storyboards to sets and costumes from movies", said Lucas.
The museum describes narrative art as art that tells - or narrates - a story through imagery. "We said we were a place that would get the job done and would open up our hearts and our minds".
'Thank you so much to George Lucas and Mellody Hobson for bringing this vision of creativity.to inspire generations to come to be creators and to seize their dreams, ' Garcetti said in the council chambers before the vote.
Mayor Eric Garcetti revealed of the decision, "People come to Los Angeles from all over the world to be inspired by art, and to see things they have only imagined become real through storytelling".
The museum is dedicated to the "importance of the visual arts, including filmmaking". After two prior attempts to put the museum in Lucas and his wife's respective home towns of San Fransisco and Chicago and being denied by both cities, the couple has managed to secure a location for their newest venture near Lucas' Alma-mater University of Southern California.
He said "The whole point of this museum is to stimulate the imagination ... to open eyes to the possibilities of creating art". I couldn't be happier that they did.