City of Eden Prairie special tax increment financing rules authorization

This bill authorizes the City of Eden Prairie to establish special rules for tax increment financing, a funding mechanism that uses increases in property tax revenue to finance local development projects. The legislation extends the expiration date for approving tax increment financing plans in the city from December 31, 2026, to December 31, 2028. The bill becomes effective only after the city's governing body and chief clerical officer comply with specific state requirements for local government actions. This change directly affects Eden Prairie's ability to secure funding for infrastructure and development initiatives within designated districts.