This bill amends existing tax increment financing regulations 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 allows for a longer period during which the city can establish a tax increment financing district, potentially facilitating economic development initiatives.

Additionally, the bill includes a provision that specifies the effective date of this amendment. It 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 local government is properly notified and compliant with state law before the new provisions come into force.