This bill authorizes the city of St. Paul to establish up to three redevelopment tax increment financing districts within its downtown area, specifically defined as City Planning District Number 17 (Capitol River Council). The housing and redevelopment authority of St. Paul can create these districts under special rules that allow for noncontiguous parcels and provide flexibility in meeting certain statutory requirements. For instance, if at least 50% of the buildings in a proposed district require substantial renovation or clearance due to various identified issues, the district can be deemed compliant with existing state laws. Additionally, tax increment from these districts can be utilized for public park spaces, and certain restrictions on expenditures and bond payments are waived.

The bill also sets a timeline for the certification of these districts, stating that the authority to request certification will expire on June 30, 2030, unless at least one district has been requested by that date. Furthermore, the authority to request certification for any district will ultimately expire on June 30, 2034. The provisions of Minnesota Statutes, sections 469.174 to 469.1794, will still apply to the districts established under this bill, except where specifically modified by the new rules. The effective date of this legislation will be the day after the city of St. Paul complies with the necessary statutory requirements.