This bill authorizes special tax increment financing (TIF) rules for the city of Minnetonka, specifically for the Opus TIF district established in 2021. It extends the five-year period for tax increment financing under Minnesota Statutes, section 469.1763, subdivision 3, to ten years. Additionally, the period for the use of increment after the expiration of the five-year period, as outlined in Minnesota Statutes, section 469.1763, subdivision 4, is extended to 11 years.

Furthermore, the bill specifies that Minnesota Statutes, section 469.176, subdivision 4j, does not apply to the Opus TIF district. The provisions of this bill will take effect the day after the governing body of the city of Minnetonka and its chief clerical officer fulfill the requirements set forth in Minnesota Statutes, section 645.021, subdivisions 2 and 3.