This bill authorizes special rules for Tax Increment Financing (TIF) District No. 31 in the city of Moorhead, Minnesota. Specifically, it extends the five-year period for TIF under Minnesota Statutes, section 469.1763, subdivision 3, to ten years. Additionally, the period for the use of increment after the expiration of the five-year period, as outlined in Minnesota Statutes, section 469.1763, subdivision 4, is extended 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 of Minnesota Statutes, section 645.021, subdivisions 2 and 3. This legislative change aims to provide the city of Moorhead with additional time to utilize tax increment financing for development projects within the specified district.