It is expected to be one of the largest settlements involving an officer-involved shooting in Louisville police history.
The accord also provides housing credits to officers who agree to live within the city, and it would seek the authority for drug and alcohol testing of officers involved in any shooting. Daniel Cameron, Kentucky's attorney general, released a statement this week saying the investigation was still ongoing.
Ms Taylor was roused from her bed before being shot several times and police found no drugs at her home.
Taylor was killed when three plainclothes police officers executing a "no knock" search warrant burst into her apartment late at night. Taylor's boyfriend, Kenneth Walker, was in the apartment with her and fired a single shot that struck an officer in the leg. Walker said he heard a pounding at the door but didn't hear police announce themselves, the city said.
Louisville police will move to include social workers when handling calls relating to people with mental health issues and implement an "early warning system" to ensure complaints against police officers are properly tracked and acted upon, Mr Fischer said.
Louisville Mayor Greg Fischer was asked if he would be speaking to press about the settlement. Her death, along with the death of George Floyd, a Black man who died May 25 after a now-former Minneapolis police officer pinned him to the ground with his knee, has triggered global protests against racism and police brutality.
The night-time raid on Taylor's apartment came as part of a narcotics investigation of two men, including a person she had previously dated.
Additional details reveal the settlement will include immediate changes to policing and how law enforcement conducts itself.
The city of Louisville, Kentucky, has agreed to pay millions of dollars in compensation to the family of Breonna Taylor.
But so far, none of the officers has been charged - a fact that has fueled daily anti-racism protests in Louisville for weeks.
Taylor's case has served as a flashpoint for a series of protests that have roiled Louisville and fed the flames of anti-police protests nationwide. The officers are white; Taylor was Black.
Taylor's family sued the city on April 27 and named the three officers involved in her shooting - Hankison, Jonathan Mattingly and Myles Cosgrove - as defendants.
One of the officers involved in the raid, Brett Hankison, was sacked in June. High-profile celebrities like Oprah Winfrey and LeBron James have called for the officers to be charged in Taylor's death.
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