The shooting happened shortly after 6:30 p.m. near Main and Colden avenues after LAPD officers responded to a report of an assault with a deadly weapon.
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Arriving officers were confronted by the man believed in his 30s armed with a knife, police said.
The officers exited their vehicle and gave the suspect commands to surrender but the suspect ignored those commands and advanced towards officers with the knife prompting the shooting, according to LAPD.
The suspect, who was not identified, was taken to the hospital by the Los Angeles Fire Department where he died.
No officers or bystanders were injured in the incident.
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Traffic was impacted in the area of Colden Street from Main to Spring streets, LAPD Officer Tony Im said. Police asked residents to avoid the area.
The shooting will be investigated by LAPD detectives and by the District Attorney's Office.
City News Service Inc. contributed to this report.