The bill amends existing tax increment financing provisions for the city of St. Paul, specifically updating the termination date of the redevelopment tax increment financing district from December 31, 2023, to December 31, 2033. It allows the Housing and Redevelopment Authority of St. Paul to establish a redevelopment tax increment financing district that includes properties from the existing downtown and Seventh Place tax increment district. Additionally, it stipulates that the county auditor will recognize the certification of the district for local tax rate determinations if requested by July 31, 2008, and outlines an agreement for annual payments to Ramsey County from the district's increment for taxes payable years 2009 through 2023.

Furthermore, the bill modifies the authorized expenditures of tax increment from the district. Previously, these funds could only be used to pay principal and interest on bonds issued for the RiverCentre Arena through taxes payable year 2023. Starting with taxes payable year 2024, the bill allows tax increments to be used for capital improvements within the RiverCentre complex, which includes various venues and adjacent areas controlled by the city. The bill also states that these expenditures are considered activities within the district as defined by Minnesota Statutes. Both sections of the bill are effective without local approval.