The bill authorizes the establishment of tax increment financing (TIF) districts in the city of Duluth under special rules. Specifically, it allows the economic development authority or the city itself to create one or more redevelopment districts within designated areas, including the Medical Regional Exchange District and the East 1st Street Corridor. The boundaries for these districts are clearly defined, encompassing various streets and the Lake Superior waterfront.

Additionally, the bill outlines that certain statutory requirements and limitations typically associated with TIF districts will not apply to those established under this new provision. This includes exemptions from specific sections of Minnesota Statutes related to TIF regulations. The special rules will remain in effect until December 31, 2051, after which standard regulations will resume for any remaining unspent or unobligated increment. The bill will take effect following compliance with procedural requirements by the city of Duluth's governing body.