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 be composed of designated parcels and adjacent roads, with specific provisions for expenditures related to public infrastructure improvements, building rehabilitation, and environmental sustainability enhancements. The bill also states that certain statutory requirements and limitations do not apply to these districts, facilitating more flexible use of TIF funds.

Additionally, the bill includes provisions for Tax Increment Financing Districts Nos. 18 and 20, allowing increment collection for 25 years without the requirement to return funds to Hennepin County for redistribution. The increment can be transferred to the account for Tax Increment Financing District No. 3, with the budget for expenditures under that plan automatically increased by the transferred amount. The effective date for all sections of the bill is contingent upon compliance with specific statutory requirements by the governing body of Brooklyn Park.