The bill authorizes special rules for tax increment financing in the city of Columbia Heights, specifically for the Alatus Tax Increment Financing District. It extends the five-year period for tax increment financing under Minnesota Statutes, section 469.1763, subdivision 3, to ten years, and the period for the use of increment after the expiration of the five-year period under section 469.1763, subdivision 4, to eleven years. Additionally, it allows the city or its economic development authority to extend the duration of the Alatus Tax Increment Financing District by five years, notwithstanding certain provisions in Minnesota Statutes, section 469.176.

The effective date for these changes is contingent upon compliance with specific requirements outlined in Minnesota Statutes. Paragraph (a) becomes effective the day after the governing body of Columbia Heights and its chief clerical officer fulfill the necessary requirements, while paragraph (b) takes effect upon compliance by the governing bodies of Columbia Heights, Anoka County, and Independent School District No. 13.