The bill modifies the special tax increment financing authority for the city of Ramsey by amending existing laws related to the establishment and operation of a redevelopment tax increment financing district. It specifies the boundaries of the district and allows for the inclusion of certain parcels that were part of previously certified districts, provided those districts are decertified. The bill also exempts the district from certain requirements under Minnesota Statutes regarding qualifying criteria and timelines for activities, allowing for a ten-year period instead of the standard five years for undertaking activities after certification.

Additionally, the bill introduces new provisions that exempt specific financial requirements related to advancing or loaning money for eligible expenditures, particularly concerning the construction of the Northstar Transit Station and related infrastructure. The in-district percentage for pooling restrictions is set at 100 percent, and certain development requirements are waived for specific parcels. The effective date of the bill is contingent upon compliance with statutory procedures by the city of Ramsey and its chief clerical officer.