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CLEVELAND -- A settlement has been reached in the civil lawsuit over the Cleveland police shooting of 12-year-old Tamir Rice.

The City of Cleveland will pay $6 million to settle all claims. According to the civil lawsuit document, the City shall pay $3 million in 2016 and $3 million in 2017.

The $6-million settlement is allocated as follows: claims of the estate of Tamir Rice is $5,500,000.00; claims of Samaria Rice is $250,000; claims of Tamir's sister is $250,000.

There is no admission of wrongdoing and all plaintiffs will execute full releases against the City of Cleveland and all individual defendants.

The FOX 8 I-Team was first to report that a settlement was near.

The order was signed by Judge Dan Polster.

Cleveland Mayor Frank Jackson addressed the media Monday afternoon and said, "This has been a very difficult time for the Rice family, in particular, but for Cleveland in general and the community; while we have settled the legal side of this.. there is no price that you can put on the life lost of a 12-year-old child."

Subodh Chandra, attorney for the Rice family, released the following statement:

"The City of Cleveland has agreed to payment of $6 million to settle the federal civil-rights lawsuit involving the tragic death of Tamir Rice. Although historic in financial terms, no amount of money can adequately compensate for the loss of a life. Tamir was 12 years old when police shot and killed him—a young boy with his entire life ahead of him, full of potential and promise. In a situation such as this, there is no such thing as closure or justice. Nothing will bring Tamir back. His unnecessary and premature death leave a gaping hole for those who knew and loved him that can never be filled. Regrettably, Tamir’s death is not an isolated event. The problem of police violence, especially in communities of color, is a crisis plaguing our nation. It is the Rice family's sincere hope that Tamir’s death will stimulate a movement for genuine change in our society and our nation’s policing so that no family ever has to suffer a tragedy such as this again."

Steve Loomis, CPPA president, released the following statement:

"We have maintained from the onset this has been an absolute tragedy for the Rice family as well as our involved Officers and their families. Our hearts continue to be with them. We can only hope the Rice family and their attorneys will use a portion of this settlement to help educate the youth of Cleveland in the dangers associated with the mishandling of both real and facsimile firearms. Something positive must come from this tragic loss. That would be educating youth of the dangers of possessing a real or replica firearm. We look forward to the possibility of working with the Rice family to achieve this common goal."

NAACP president Mike Nelson released the following statement:

"The settlement is the first step toward Justice for the Rice family. While it will not bring Tamir back, it does create consequences for the egregious disregard of Tamir's constitutional rights by the City of Cleveland and its safety forces. Where Justice for the family was denied by the actions of the county prosecutor, it is hoped that this reward will send a message to those responsible for screening, selecting and supervising members of the Cleveland Division of Police."

Cleveland police shot and killed Tamir Rice outside Cudell Rec Center in November 2014. Police said he had an airsoft pistol that looked much more powerful, and he reached for it. A 9-1-1 caller said the gun may be fake. But a dispatcher never told that to officers responding to the scene. Last December, the county prosecutor announced no criminal charges would be issued against the officers.

Continuing coverage here; stay with FOX 8 News and fox8.com for more.

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