The sculpture, designed to promote harmony, is in memory of British-Nigerian David Oluwale.
Mr Oluwale was chased towards the river and his body was found in the water two weeks later. The officers were later jailed for a series of assaults.
The 9.5m sculpture, named 'Hibiscus Rising', will be placed in Aire Park - a new green space on the former Tetley Brewery site in Hunslet.
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