This bill authorizes special rules for the Cooper Avenue Redevelopment Tax Increment Financing District in the city of St. Cloud, extending certain deadlines related to tax increment financing activities. Specifically, it extends the requirement that activities must be undertaken within a five-year period from the date of certification of the district by an additional five years, setting the new deadline to April 30, 2031. Additionally, the bill extends the requirement for demolition, rehabilitation, or renovation of property, as well as other site preparation, from four years to a new deadline of April 30, 2030.

The bill's provisions will take effect once the governing body of the city of St. Cloud and its chief clerical officer fulfill the necessary compliance requirements outlined in Minnesota Statutes. This legislation aims to provide the city with more flexibility and time to complete redevelopment activities within the designated tax increment financing district.