This bill provides the city of St. Cloud with special tax increment financing (TIF) authority, allowing it to establish up to two redevelopment districts in specific areas, including the Division Street corridor and the Central Business District. The bill outlines the parcels eligible for redevelopment, identified by their tax identification numbers, which include various catalyst sites in both Stearns and Benton Counties.

Additionally, the bill sets forth special rules for the TIF districts, stating that they will meet the requirements of existing Minnesota statutes while exempting them from certain provisions. It allows for the use of tax increments generated from these districts to fund public infrastructure projects necessary for development. The authority to approve a TIF plan under this legislation will expire on December 31, 2031, and the bill will take effect once the city of St. Cloud complies with specific statutory requirements.