The bill authorizes the city of Eden Prairie to establish special tax increment financing (TIF) rules, allowing the economic development authority or the city itself to create up to two redevelopment districts within a specified area. This area is defined by the boundaries of 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 any TIF plans, stating that the authority to do so will expire on December 31, 2026. The effective date of this legislation 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.