This bill amends existing tax increment financing laws to extend the authority for the city of Fridley to transfer tax increment funds. Specifically, it changes the expiration date for this authority from December 31, 2027, to December 31, 2031. This extension allows the city more time to utilize tax increment financing for development projects.

Additionally, the bill includes a provision stating that the new section will take effect the day after the governing body of the city of Fridley and its chief clerical officer fulfill certain requirements outlined in Minnesota Statutes, section 645.021, subdivisions 2 and 3. This ensures that the city is properly notified and compliant with state law before the changes take effect.