This bill establishes special rules for tax increment financing (TIF) in the city of Brooklyn Park, allowing the city's economic development authority to create redevelopment TIF districts within specified areas. The bill outlines the establishment of districts in three areas: Brooklyn Boulevard/West Broadway, 610/Zane, and a Biotech area. Each district can include specific parcels and adjacent roads, and the bill provides a framework for expenditures that can be financed through these districts, including public infrastructure improvements and building rehabilitation.

Additionally, the bill specifies that certain statutory requirements and limitations do not apply to these districts, thereby streamlining the process for the city to utilize TIF for economic development. It also allows for the collection of increment from TIF Districts Nos. 18 and 20 for an extended period of 25 years, with provisions for transferring funds to other TIF accounts without the need for further action. The effective date of the bill is contingent upon compliance with existing statutory requirements by the city’s governing body and chief clerical officer.