This bill authorizes special rules for tax increment financing (TIF) in the city of Hopkins, specifically for Tax Increment Financing District 1-6 (325 Blake). It extends the five-year period for TIF under Minnesota Statutes, section 469.1763, subdivision 3, to ten years, allowing for a longer duration of tax increment collection. Additionally, the period for the use of increment after the expiration of the five-year period, as outlined in Minnesota Statutes, section 469.1763, subdivision 4, is extended to eleven years.

The bill includes a provision stating that it will take effect the day after the governing body of the city of Hopkins and its chief clerical officer fulfill the requirements set forth in Minnesota Statutes, section 645.021, subdivisions 2 and 3. This legislative change aims to provide the city of Hopkins with greater flexibility and time to utilize tax increment financing for development projects within the specified district.