The bill amends existing tax increment financing regulations specifically for the city of Maplewood, allowing for special rules to apply to redevelopment tax increment financing districts established by the city or its economic development authority. It designates a specific parcel, referred to as the "3M Renovation and Retention Project Area," as eligible for inclusion in these districts, exempting it from certain qualifying requirements and rules that typically govern such financing. Notably, the bill extends the timeframe for expenditures within the project area from five to ten years and specifies the geographic boundaries for eligible expenditures.

Additionally, the bill stipulates that if no property development activities commence within one year of the tax increment district's certification, the original net tax capacity of the affected parcel will be excluded from the district's calculations. The authority to approve tax increment financing plans under this legislation is set to expire on December 31, 2018. The bill also includes a provision for its effective date, which will take effect once the city of Maplewood and its chief clerical officer fulfill certain compliance requirements.