This bill proposes extensions for tax increment financing (TIF) districts in the city of Edina, specifically for the 72nd & France and 70th & France districts. For the 72nd & France TIF district, the five-year period for tax increment financing is extended to ten years, and the period for using increment after this five-year period is extended to eleven years. Additionally, the city or its housing and redevelopment authority may choose to extend the duration of this district by five years. Similarly, for the 70th & France TIF district, the five-year period is also extended to ten years, with the increment usage period extended to eleven years, and the duration can be extended by ten years.

The effective dates for these extensions are contingent upon compliance with specific statutory requirements by the governing bodies of Edina, Hennepin County, and Independent School District No. 273. The bill aims to provide greater flexibility and support for the development and financing of these districts, thereby potentially enhancing economic growth in the area.