UPDATE 8 P.M.
The City of Mankato has confirmed that the incident that sparked a "shelter in place" warning earlier on Saturday saw a suspect fatally shot by police.
The incident started with a report of an armed robbery on Hwy. 169 just after noon, with the suspect crossing the highway and heading towards the Minnesota River.
He was found a short time later in a raft, at which point he fired several times at police.
Police returned fire, with the suspect struck and his body was later recovered from the river.
The incident is under investigation by the Minnesota Bureau of Criminal Apprehension.
Police issued and later repealed a shelter-in-place warning to local residents following an incident near Mankato on Saturday morning.
The shelter-in-place order was issued around 1:45 p.m., following an incident north of the Kiwanis Recreation Area, with the Blue Earth Sheriff's Office saying it was repealed 40 minutes later.
No details have been confirmed as to the nature of the incident, but scanner traffic has indicated that a man on a raft on the Minnesota River shot at officers, who returned fire and struck the man.
The Mankato Free Press reports a man was seen earlier at a gas station on Highway 169 coming out of a bathroom with a rifle.
This story will be updated as more details emerge.