This bill amends existing tax increment financing (TIF) regulations specifically for the city of Maplewood, allowing for special rules to apply to redevelopment tax increment districts established by the city or its economic development authority. The bill designates a specific area, referred to as the "3M Renovation and Retention Project Area," as eligible for inclusion in a redevelopment TIF district, exempting it from certain qualifying requirements under Minnesota law. Notably, the bill removes the 90 percent rule and extends the five-year expenditure rule to ten years, allowing expenditures to be made only within the defined project area or a specified boundary.

Additionally, the bill stipulates that if no property development activities commence within one year of the original net tax capacity certification, no further tax increment can be collected from that parcel, and it will be excluded from the district's original net tax capacity. The authority to approve TIF plans and establish districts under this section 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 complies with specific statutory requirements.