This bill authorizes the city of Eden Prairie to establish special tax increment financing (TIF) rules for redevelopment districts within a specified area of the city. The economic development authority or the city itself can create one or more TIF districts that encompass parcels and adjacent roads within the boundaries defined by Flying Cloud Drive, West 78th Street, and Prairie Center Drive. The bill outlines that if a TIF district is established, it will be considered to meet certain statutory requirements, while also exempting it from specific provisions of Minnesota Statutes.

Additionally, the bill sets a deadline for the approval of TIF plans, stating that the authority to do so will expire on December 31, 2031. The new provisions will take effect once the governing body of Eden Prairie and its chief clerical officer fulfill the necessary compliance requirements as outlined in Minnesota Statutes.