This bill proposes amendments to Minnesota Statutes 2024, Section 469.176, Subdivision 4n, related to tax increment financing (TIF). Specifically, it clarifies the use of unobligated TIF increments and extends the expiration date for certain provisions.

Key provisions include: - Allowing local authorities to transfer unobligated TIF increments for designated purposes, such as funding private development projects that create or retain jobs, provided construction starts before December 31, 2025. - Permitting TIF increments to be used as equity investments in development projects if necessary to ensure financial feasibility. - Requiring the authority to create a written spending plan detailing the use of transferred increments, which must be approved by the municipality after a public hearing. - Requiring the municipality to publish hearing notices in a newspaper and on its website at least 10 days before the hearing. - Allowing municipalities to amend spending plans before December 31, 2025, to extend the use of transferred increments and earned interest. - Mandating that a signed and approved copy of the spending plan be submitted to the Office of the State Auditor. - Extending the deadline to spend, loan, invest, or irrevocably commit transferred increments from December 31, 2025, to December 31, 2027. - Requiring any unspent or uncommitted funds after the deadline to be returned to the TIF district or, if the district is already decertified, distributed as excess increment.

The bill generally aims to provide more flexibility in using TIF increments while ensuring transparency and oversight.