The bill proposes to extend the local sales and use tax authorization for the city of Rochester, Minnesota, allowing for additional projects to be funded through this tax. It introduces a new subdivision (1a) that permits the city to extend a sales and use tax of one-half of one percent, contingent upon voter approval at a general election. The revenues generated from this tax extension will be allocated to various projects, including an economic vitality fund, street reconstruction, flood control, and a Regional Community and Recreation Complex. The bill also outlines specific financial allocations and conditions for the use of these funds, including a requirement for a grant to Rochester Area Economic Development Incorporated to support local economic development initiatives.

Additionally, the bill amends existing provisions regarding the termination of taxes, allowing for the new tax (subdivision 1a) to remain in effect for up to 18 years or until the city council determines that sufficient funds have been raised for the authorized projects. It also clarifies that the tax can expire earlier if the city decides to do so by ordinance. The bill includes provisions for bonding authority to finance the projects, ensuring that the bonds issued are not subject to certain debt limitations and do not require a separate election for approval. Overall, the bill aims to enhance Rochester's infrastructure and economic development through extended tax authority and strategic financial planning.