The bill proposes an extension of a property tax exemption for land held for economic development by the Port Authority of the city of Bloomington. Specifically, it allows property acquired by the Port Authority in May 2016, which was previously exempt from taxes payable in 2017 through 2025, to continue receiving this exemption for taxes payable from 2026 through 2031, provided that the requirements of the relevant statute are met. Additionally, it establishes a deadline for filing an initial application for this exemption, which must be submitted to the assessor by June 30, 2025.

Furthermore, the bill includes a provision that specifies its effective date, which will take effect the day after the governing body of the city of Bloomington and its chief clerical officer fulfill the necessary requirements outlined in Minnesota Statutes. This legislative change aims to support ongoing economic development efforts in the area by ensuring that the property remains exempt from taxation for an extended period.