This 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. The designated area is bounded by 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 that typically apply to such districts.

Additionally, the bill sets a deadline for the approval of any TIF plans under this new authority, stating that the ability to do so will expire on December 31, 2026. The effective date of this legislation will commence once the governing body of Eden Prairie and its chief clerical officer fulfill the necessary compliance requirements as outlined in Minnesota Statutes.