The bill provides special tax increment financing authority to the city of Chaska 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 this section will take effect only after the governing bodies of the city of Chaska, Carver County, and Independent School District No. 112 fulfill the requirements set forth in Minnesota Statutes, section 469.1782, subdivision 2. This ensures that local authorities are aligned and compliant before the new financing authority is enacted.