"Keep breathing, buddy", one officer says in the video to a 48-year-old man as CPR is performed on him.
"We support Officers Jones and Brown and commend them on their actions as they did what was necessary to protect the lives of many others, as well as their own."
This is the first time body camera footage has been released since implementation of body-worn cameras went into effect in June (about 600 officers now have body cameras) and the first time a police shooting has been captured.
The video (Warning: Graphic) from two body cameras shows a November 25 incident in which police shot a man wielding two knives at the corner of 33rd and Greenmount Ave.in Waverly. At about that same time, officers fired two gunshots, which missed the man.
Five officers in total responded to the scene, but only two were wearing cameras.
Smith said the suspect in the video said,"Hey, I got one life to live and I'm ready to give". One man is listed in critical condition.
The man, who has not been identified, had a history of mental illness and had attempted suicide.
It was the first time city police released footage that showed officers using potentially lethal force.
"How is someone who is apparently suffering from a mental health crisis out like that?"
The video can be viewed in its entirety below.
Police say this armed shooter is still at large as he fled on foot from the scene.
"With transparency comes responsibility", Commissioner Kevin Davis said. Police were searching Wednesday night for a gunman described as a black male who ran away following the shooting, Smith said. Reporters asked, for instance, whether police should've fired and gun and Taser at the same time, but Deputy Commissioner Jason Johnson was unwilling to make any pronouncements until the investigation into the incident is complete.