Taylor's family filed a wrongful death suit against the city after the 26-year-old was shot to death during a raid that went wrong in March.
An unnamed source told the Louisville Courier-Journal that the financial part of the settlement will be the highest ever payout from the city, dwarfing the $8.5 million given to Edwin Chandler in 2012 for the nine years he wrongfully spent in prison.
"The city's response in this case has been delayed and it's been frustrating, but the fact that they've been willing to sit down and talk significant reform was a step in the right direction and hopefully a turning point," the family's lawyer, Sam Aguiar, told CNN.
"In addition to the money, the city agreed to a number of changes to policing that include requiring commanders to approve all search warrants before they go to a judge, providing housing credits to officers who agree to live within city limits and mandatory drug and alcohol testing of cops involved in any shooting," the source told the Louisville Courier-Journal.
While the financial settlement is not as large as others in recent cases of police killings, the agreement on police reforms is one of the first of its kind across the country. Many of the new measures related directly back to mistakes the Louisville Police Department made during the raid on Taylor's home.
The New York Times added that the police department has also agreed to change how they handle simultaneous search warrants and to create a new system that flags officers who have disciplinary issues on their record. Ambulances will now be required to be on scene for any raid after officers sent medical help away before they raided Taylor's home and shot her. The newspaper noted that the lawsuit filed by Taylor's family said police did not provide medical assistance to her after she was shot, and she was alive for six minutes before she bled to death. Officers will now be urged to perform at least two hours of paid community service each week as a way to build connections to the community, according to the settlement.
The family, their attorneys and Mayor Greg Fischer will hold a press conference at 2 p.m. to lay out more of what was in the settlement.
Taylor's killing, at the hands of three police officers who have not been charged yet, has continued to spark outrage and protests across the country.
Aguiar told the Washington Post that the length of the investigation was frustrating. Despite the wait, he lauded the city for sitting down with the family over two weeks and hammering out the settlement.
“This is probably the largest settlement for police misconduct in the history of Louisville and includes substantial police reform, as well," Aguiar said in an interview with the Washington Post.
The Louisville Courier-Journal also reported that this week, a Jefferson County grand jury may finally take on the criminal case against the three officers who shot Taylor. Kentucky Attorney General Daniel Cameron says the case is still being looked into six months after the fatal shooting.
The grand jury will mull charges for Sgt. Jonathan Mattingly as well as detectives Brett Hankison and Myles Cosgrove. Hankison has been fired from the force for shooting wildly into Taylor's apartment and others but is currently fighting his termination. Both Cosgrove and Mattingly have been moved to administrative assignments.
The settlement comes just a few weeks after Blavity reported that prosecutors in the city were trying to force the targets of their drug investigation to name Taylor as a co-conspirator, even though she was not involved. They offered Taylor's ex-boyfriend a lower prison sentence if he named her, which he refused to do.
Not everyone was particularly happy about the settlement. One of the groups that led the protests over Taylor's death in Louisville, Until Freedom, told CNN that the money was not enough to rectify what was done to Taylor.
"No amount of money will bring back Breonna Taylor. We see this settlement as the bare minimum you can do for a grieving mother. The city isn't doing her any favors. True justice is not served with cash settlements. We need those involved in her murder to be arrested and charged. We need accountability. We need justice," the group said in a statement.