The Trump administration is nearing an agreement with TikTok to resolve an ongoing lawsuit over alleged child privacy violations in exchange for the social media company paying $400 million that the administration plans to use to fund President Donald Trump's Washington, D.C., " beautification" projects , sources familiar with the discussions told ABC News. The proposed settlement would end a 2024 lawsuit brought during the Biden administration that alleged that the then-Chinese-owned social media company engaged in "massive-scale invasions of children's privacy" by collecting extensive data from children without notifying or obtaining consent from parents.  While sources say the administration and TikTok are finalizing the terms of the settlement, it must still be approved by a vote of the TikTok board, which is expected to take place as soon as Friday. As part of the proposed settlement terms, which are not expected to include an admission of wrongdoing, TikTok would agree to pay the U.S.…