The settlement, the highest amount the city has ever agreed to pay, will be voted on by the City Council on Monday, City Attorney Zach Klein said in a statement announcing the settlement.
“We understand that because of this former officer’s actions, the Hill family will never be whole,” Klein said.
“No amount of money will ever bring Andre’ Hill back to his family, but we believe this is an important and necessary step in the right direction.”
The city, as part of the settlement, also agreed to rename a municipal gym after Hill.
In a statement, the Hill family and their legal team, led by attorney Ben Crump, thanked the city and its leaders “for doing the right thing” in agreeing to the settlement and the renaming of the gym.
“Now all those involved can begin to heal,” the statement said.
Coy fatally shot Hill, 47, within seconds of their encounter as Hill walked toward Coy holding an illuminated cell phone in his left hand, body camera footage showed. Hill was unarmed.
Coy turned his camera on after the shooting. The camera’s look-back feature captured 60 seconds of video, but no audio, before Coy turned it on.
The body camera footage appears to show Coy and Hill walking toward one another, and Coy starts shooting within a few seconds. It’s not clear whether Hill or Coy said anything during their brief interaction because Coy did not activate his body camera.
Footage from the body camera of another officer at the scene showed Hill lying on the floor of a home’s garage while he is handcuffed.
An unidentified woman came out of the home and told police, “He was bringing me Christmas money! He didn’t do anything.”
Coy was fired in December as a result of the shooting.
Prosecutors last month filed an additional reckless murder charge against Coy, according to court records.
CNN’s Evan Simko-Bednarski, Rebekah Riess and Amir Vera contributed to this report.
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