An order filed in US District Court in Cleveland on Monday says the city will pay out $3 million in 2016 and $3 million in 2017.
According to the settlement, Rice's mother and and his sister will each get $250,000.
The court's order notes that the defendants admit no wrongdoing in their settlement.
Tamir Rice died on November 13, 2014, the day after the shooting.
The wrongful death suit filed by the boy's family and estate against the city of Cleveland and officers and dispatchers who were involved alleged police acted recklessly when they confronted the boy on Nov. 22, 2014.
The death of Tamir Rice sparked national outcry, as the latest in a pattern of police brutality against minorities.
The shooting of unarmed Michael Brown in Ferguson just a few months prior had shined a bright light on the racial injustices still prevalent in the United States.
In July 2014, Eric Garner died as a result of New York police officer Daniel Pantaleo applying a chokehold on him. The grand jury did not indict Pantaleo for the killing, causing widespread protests across the United States.
