Update (5 p.m.): Austin Police tell KUT News Paladino died at University Medical Center Brackenridge approximately one-hour ago.
Update (4 p.m.): Police have identified the suspect as 42 year-old Maurice Chad Paladino.
Update (2:40 p.m.): Austin Police have released the name of the officer involved in the shooting. APD officials say Officer Brandon Blanche was in danger for his life.
"In watching the video," Assistant Police Chief Sean Mannix says, "I think all of us are comfortable that there's not going to be any legal issues with the shooting, that the officer likely acted lawfully. But we hold our officers to a higher standard administratively. What we have to look at is the lawfulness of the shooting, but we also have to look at the tactics employed and how the officers got to the situation they were in as well."
Mannix says Blanche was clearly in the path of the vehicle that "actively engaged" when he discharged his weapon.
The still unnamed suspect is said to be in "grave condition."