Mayor Jackson on Tamir Rice settlement: There is no price you can put on the life lost

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CLEVELAND, Ohio -- Cleveland Mayor Frank Jackson addressed the Tamir Rice settlement Monday afternoon.

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.

12-year-old Tamir Rice

12-year-old Tamir Rice

"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," Mayor Jackson said.

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 on April 12 that a settlement was near.

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 for more.