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.
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.
PHOTOS: LA lights up to help lure 2024 Olympics
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