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The officers chased him into an alley behind Farragut Career Academy High School, where one officer shot him once in the chest.
He - later identified as Adam Toledo - was pronounced dead at the scene while another suspect, Ruben Roman, 21, was taken into custody.
Shortly after the shooting, police shared a photo of a handgun recovered at the scene.
Chigaco's police review board released body camera footage of the March 29 shooting on Thursday last week.
The video showed that Toledo's hands were empty when he was shot, despite police saying he was holding a gun at the time.