The deal will bring the Olympics back to the Southland for a third time since 1984 and 1932.
News of the agreement opens the door for Paris to host the 2024 Olympic Games.
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L.A. and Paris were the two remaining bidders for the 2024 Summer Games, but International Olympic Committee members had been divided since visiting both locations this year.
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An official public announcement from L.A. Mayor Eric Garcetti is expected to be made at a 5 p.m. Pacific Time news conference, city officials said.
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