The family of Philando Castile, who was fatally shot by Officer Jeronimo Yanez of Minnesota's St. Anthony Police Department, has reached a nearly $3 million settlement with the city of St. Anthony Village, according to a statement from both parties.

"Under the terms of the settlement, Valerie Castile, as trustee, will receive a payment in the amount of $2.995 million," the statement says. "The settlement will be paid through the city's coverage with the League of Minnesota Cities Insurance Trust." The statement notes that no taxpayer money from St. Anthony Village will be used to fund the settlement to be paid to Castile's mother, reports ABC News.