This bill provides the city of Brooklyn Park with special authority to establish a biotech innovation district and a value capture district, aimed at promoting economic development in the area. It includes an appropriation of $10 million for housing infrastructure projects, contingent upon the city submitting eligible project documentation. The bill also outlines the creation of a development plan for the biotech innovation district, which must be prepared by the Brooklyn Park Economic Development Authority and approved by the city. The plan will focus on various aspects, including strategic planning, public investment, land use, and community engagement, with an emphasis on increasing racial equity and supporting local businesses.

Additionally, the bill appropriates funds for various initiatives in Brooklyn Park, including $12 million for water infrastructure improvements, $500,000 for workforce development programs, and $1 million for the Brooklyn Park Small Business Center. It also allows the city to issue bonds for financing the development projects without being subject to certain debt limits. The city and authority are required to submit annual reports detailing the progress of the development plan and associated projects, ensuring transparency and accountability in the implementation of these initiatives.