This bill provides the city of Plymouth with special tax increment financing authority, allowing it to establish one or more redevelopment districts within the city center district as identified in the Plymouth Zoning Map effective January 1, 2024. The bill outlines specific provisions under which these districts can operate, including the extension of the tax increment financing period from five to ten years, the ability to expend increments outside the district while still being considered as expenditures within the district, and exemptions from certain existing statutes related to tax increment financing.

Additionally, the authority to approve a tax increment financing plan under this new provision will expire on December 31, 2030. The bill will take effect once the governing body of the city of Plymouth and its chief clerical officer fulfill the necessary compliance requirements as outlined in Minnesota Statutes.