The bill authorizes special rules for Tax Increment Financing District No. 31 in the city of Moorhead, Minnesota. It extends the five-year period for tax increment financing 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 eleven years.

The effective date of this extension will be 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 legislation aims to provide the city with additional time to utilize tax increment financing for development projects within the specified district.