This bill authorizes the city of Brooklyn Center to establish up to two redevelopment tax increment financing (TIF) districts within a designated area known as the "Opportunity Site." The boundaries of this area are defined by specific roadways, including Shingle Creek Parkway and marked Trunk Highway 100. The bill outlines special rules that apply if the city or its economic development authority creates a TIF district, stating that the district will be considered to meet all requirements of existing Minnesota statutes, while also exempting it from certain provisions that typically apply to TIF districts.

Additionally, the bill sets a deadline for the approval of tax increment financing plans, stating that the authority to establish a TIF district under this section will expire on December 31, 2031. The effective date of this legislation will take effect once the governing body of Brooklyn Center and its chief clerical officer fulfill specific statutory requirements.