This bill proposes extensions for tax increment financing (TIF) districts in the city of Edina, specifically for the 72nd & France 2 and 70th & France TIF districts. For the 72nd & France 2 district, the five-year period under Minnesota Statutes, section 469.1763, subdivision 3, is extended to ten years, and the period for using increment after the five-year period is extended to 11 years. Additionally, the city or its housing and redevelopment authority may elect to extend the duration of this district by five years. Similarly, for the 70th & France district, the five-year period is also extended to ten years, with the increment usage period extended to 11 years, and the duration may 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.