This bill amends existing tax increment financing laws specifically for the city of Eden Prairie. It extends the expiration date for the authority to approve a tax increment financing plan from December 31, 2026, to December 31, 2028. This change aims to provide the city with additional time to establish tax increment financing districts, which are essential for funding public infrastructure and development projects.

Additionally, the bill includes a provision stating that the new section will take effect the day after the governing body of Eden Prairie and its chief clerical officer fulfill the requirements outlined in Minnesota Statutes, section 645.021, subdivisions 2 and 3. This ensures that the city can promptly implement the extended financing authority once the necessary procedural steps are completed.