This bill grants the city of Chaska special tax increment financing authority by establishing Tax Increment Financing District No. 23. It allows the Chaska Economic Development Authority to collect tax increment from this district for a period of up to 35 years following the receipt of the first increment, which is a deviation from the standard provisions outlined in Minnesota Statutes, section 469.176, subdivision 1b.

Additionally, the bill includes a provision that specifies its effective date, which is contingent upon the compliance of the governing bodies of the city of Chaska, Carver County, and Independent School District No. 112 with the requirements set forth in Minnesota Statutes, section 469.1782, subdivision 2. This ensures that the necessary local approvals are in place before the new financing authority takes effect.