This bill authorizes special rules for tax increment financing (TIF) in the city of Minnetonka, specifically for the Opus TIF district established in 2021. It extends the five-year period for the use of tax increments under Minnesota Statutes, section 469.1763, subdivision 3, to ten years, and the period for the use of increments after the expiration of the five-year period under subdivision 4 to eleven years. Additionally, the bill specifies that Minnesota Statutes, section 469.176, subdivision 4j, does not apply to this district.

The effective date of these provisions will be the day after the governing body of the city of Minnetonka and its chief clerical officer fulfill the requirements outlined in Minnesota Statutes, section 645.021, subdivisions 2 and 3. This legislative change aims to provide the city with greater flexibility in managing its TIF district and supporting economic development initiatives.