The authority issued a request for information for the scheme back in March and is looking to develop a 1.8km fixed-guideway transit system with three stations.
At a meeting of the council last week, all members backed plans to use a design, build, finance, operate and maintain (DBFOM) model to deliver the scheme, as well as giving consent to begin the request for qualifications process.
The resolution also outlines a plan to shortlist up to three teams for the scheme, with a request for proposals issued to those bidders.
A Joint Powers Authority will be established between the council and LA Metro to assume ownership of and primary responsibility for the project upon financial close.