I've been following this and it seems that the police did make an arrest in the last car they searched, which had 2 handguns in it. However these were apparently unrelated to the bank robbery.
The Chief of Police conducted a TV interview in which he praised his officers for their quick thinking and innovative policing tactics (if by innovative he means completely illegal). He prominently mentioned the arrest, and lead reporters to believe that the arrested person was the bank robber (but there is no proof that the arrested person was the bank robber {no money, just guns}).
More below...
http://politix.topix.com/homepage/10...n-intersection
http://my.firedoglake.com/mason/2012...ook-aurora-co/
This looks like it was a clear violation of the United States Supreme Court’s decision in City of Indianapolis v. Edmund, 513 U.S. 32 (2000)