This bill authorizes special rules for tax increment financing (TIF) in the city of Moorhead, specifically for Tax Increment Financing District No. 31. It extends the five-year period for TIF under Minnesota Statutes, section 469.1763, subdivision 3, to ten years. Additionally, it extends the period for the use of increment after the expiration of the five-year period under Minnesota Statutes, section 469.1763, subdivision 4, to 11 years.

The bill includes a provision stating that it will take effect the day after the governing body of the city of Moorhead and its chief clerical officer fulfill the requirements outlined in Minnesota Statutes, section 645.021, subdivisions 2 and 3. This legislative change aims to provide the city with more flexibility and time to utilize tax increment financing for development projects within the specified district.