St. Cloud special tax increment financing authority provision

SF 2860 allows the city of St. Cloud to establish up to two redevelopment districts in specific areas near Division Street or within its Central Business District. It directly affects property owners in the listed tax parcels (identified by tax ID numbers in Stearns and Benton counties) by enabling the city to use future tax increases from these properties to fund public infrastructure like streets, parking, and utilities. The bill bypasses standard state requirements for tax increment financing and permits these funds to be used exclusively for projects serving the redevelopment areas. This authority expires on December 31, 2031.