This bill grants the city of Brooklyn Park special authority concerning property taxes, tax increment financing (TIF), and sales and use taxes to facilitate specific redevelopment projects. It allows the establishment of multiple TIF districts in designated areas, such as Village Creek, 610/Zane, and Biotech, with relaxed statutory requirements for these districts. The city can also create a value capture district around the METRO Blue Line Light Rail stations to collect value capture taxes for funding related projects. Key provisions include the ability to transfer increment funds from existing TIF districts without redistribution to the county, and the authority to issue bonds for financing projects without being subject to debt limitations. The bill sets a deadline for requesting certification of any district by December 31, 2044.

Additionally, the bill introduces special property tax abatement rules and a sales tax exemption for construction materials in Brooklyn Park. If the city uses property tax abatements for public infrastructure projects, the abated taxes must be allocated solely for approved obligations or infrastructure projects. The limitations in Minnesota Statutes regarding property tax abatements do not apply to Brooklyn Park, providing greater flexibility. The sales tax exemption covers materials and supplies for specific construction projects, including community centers and fire stations, applicable to purchases made between February 28, 2023, and April 1, 2030, with refunds issued after June 30, 2024. The necessary funds for these refunds are appropriated from the general fund to the commissioner of revenue.