This bill provides special tax increment financing authority to the city of Minnetonka, specifically for the renewal and renovation tax increment financing district established in 2021. It outlines that the district meets the requirements of existing Minnesota statutes and specifies eligible expenditures, which include infrastructure improvements, environmental remediation, land acquisition, and related administrative costs. The bill also allows for a ten-year period for activities to be undertaken, extending the typical five-year requirement, and exempts the district from certain six-year rules.

The effective date of this legislation is contingent upon the city of Minnetonka's governing body and its chief clerical officer fulfilling specific requirements outlined in Minnesota statutes. Overall, the bill aims to facilitate development and improvements within the city by providing more flexible financing options and extending timelines for project completion.