This bill proposes extensions for tax increment financing (TIF) districts in the city of Edina, specifically for the 72nd & France 2 and 70th & France districts. For the 72nd & France 2 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 district's duration 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 option to extend the district's duration by ten years.

The effective dates for these extensions are contingent upon compliance with specific statutory requirements. The extensions for both TIF districts are designed to provide additional time for development and financing, thereby supporting economic growth in Edina.