This bill authorizes the city of Eden Prairie to establish special tax increment financing (TIF) rules, allowing for the creation of up to two redevelopment districts within a specified area of the city. The designated area is bounded by Flying Cloud Drive, West 78th Street, and Prairie Center Drive. The economic development authority of Eden Prairie is empowered to set up these districts under the new provisions outlined in the bill.

The bill includes specific provisions that exempt these districts from certain requirements typically applicable under Minnesota law, specifically stating that they will meet the criteria of Minnesota Statutes, section 469.174, subdivision 10, while also exempting them from the stipulations of section 469.176, subdivision 4j. Additionally, the authority to approve a TIF plan for these districts will expire on December 31, 2026. The bill will take effect once the city’s governing body and chief clerical officer fulfill the necessary compliance requirements.