This bill authorizes the city of Marshall to implement special rules regarding tax increment financing (TIF) that deviate from existing state statutes. Specifically, it allows the city to spend, loan, or invest transferred increment from TIF Districts No. 1-1, No. 1-7, and No. 2-1 until December 31, 2027. This provision is in contrast to the current law outlined in Minnesota Statutes, section 469.176, subdivision 4n, paragraph (f). The city must detail the use of the transferred increment in a written spending plan, and any increment not utilized by the deadline must be returned to the district, including any associated earnings or repayments.

Additionally, the bill stipulates that the new provisions will take effect once the governing body of the city of Marshall and its chief clerical officer fulfill the requirements set forth in Minnesota Statutes, section 645.021, subdivisions 2 and 3. This ensures that the city has the necessary authority to manage the tax increment financing in a manner that supports its local development goals while adhering to the specified conditions.