Shots were fired roughly one block away from what is informally known as George Floyd square, according to officials. A city spokesperson told ABC affiliate KSTP-TV in Minneapolis that one person was being treated for a gunshot wound at a local hospital.

Philip Crowther, an Associated Press journalist, reported hearing as many as 30 gunshots about a block east of the intersection. He said a storefront window appeared to have been broken by a gunshot.

“Very quickly things got back to normal,” Crowther said.

The intersection is now a memorial to Floyd and a street festival was planned later Tuesday to mark the anniversary, the AP reported.

On the anniversary of Floyd’s murder in Minneapolis, a New York appellate court will hear arguments on the need for a public inquiry into the 2014 death of Eric Garner, whose dying words "I can’t breathe," the same as Floyd’s, became a national rallying cry.

A lower court allowed for a judicial inquiry beginning in July, siding with the Racial Justice Project at New York Law School, which said the Garner family has endured "nearly seven years of false promises about transparency" from top city officials.

"It is difficult to conceive of a matter more worthy of transparency: a police killing of an unarmed civilian, preceded by a questionable stop, followed by inadequate medical treatment," the Racial Justice Project said in a filing to the Appellate Division.

The City of New York conceded Garner’s death “is of singular importance to his family, his community, the City, and indeed the nation” but is appealing to stop the inquiry because the incident has already been well-documented.

"There has already been a public trial covering seven days, 15 witnesses, and a thousand transcript pages," the city noted.

-ABC News’ Aaron Katersky

A fund has been created by Floyd’s family to benefit the predominately black community of 38th Street and Chicago Avenue, near the Cup Foods where Floyd was killed.

The fund will award grants to eligible businesses, community organizations and 501(c)(3) organizations serving the community.

"His family has been touched by the strength, the spirit, and the need in that community," Benjamin Crump, the family's attorney, said in a statement.

Floyd’s family will direct $500,000 of the $27 million settlement they received from the city of Minneapolis to the fund.

-ABC News’ Sabina Ghebremedhin

Senate Majority Leader Chuck Schumer commemorated Floyd on the one-year anniversary of his death by acknowledging the massive social justice movement that was born as a result.

"This was not only a fight for justice for one man and his family, who I've had the privilege to meet with, but a fight against the discrimination that black men and women suffer at the hands of state power, not just here in America, but around the globe," Schumer said. "It is a fight that continues today."

Schumer also recalled the “stomach-churning video” of Floyd’s death, which was played numerous times during Derek Chauvin’s murder trial.

"George Floyd was murdered in broad daylight by a police officer sworn to protect and serve our country was forever changed by the stomach-churning video of Derek Chauvin killing Mr. Floyd," Schumer said.

Sen. Cory Booker, D-N.J., and Sen. Tim Scott, R-S.C., are working on bipartisan police reform legislation, Schumer said, but gave no details on what the legislation will look like or when it may be ready for consideration by the Senate.

-ABC News’ Allison Pecorin