2020 Arkansas Code
Title 14 - Local Government
Subtitle 10 - Economic Development And Tourism Generally
Chapter 176 - Local Job Creation, Job Expansion, and Economic Development Act of 2017
§ 14-176-102. Definitions
Universal Citation: AR Code § 14-176-102 (2020)
As used in this chapter:
- (1) “Chief executive” means the:
- (A) Mayor, city administrator, or city manager of a municipality; or
- (B) County judge of a county;
- (2)
- (A) “County” means a county in the State of Arkansas.
- (B) “County” does not mean a public corporation for economic development;
- (3) “Economic development project” means the land, buildings, furnishings, equipment, facilities, infrastructure, and improvements that are required or suitable for the development, retention, or expansion of:
- (A) Manufacturing, production, and industrial facilities;
- (B) Research, technology, and development facilities;
- (C) Recycling facilities;
- (D) Distribution centers;
- (E) Call centers;
- (F) Warehouse facilities;
- (G) Job training facilities;
- (H) Regional or national corporate headquarters facilities;
- (I) Sports complexes designed to host local, state, regional, and national competitions, including without limitation baseball, softball, and other sports tournaments; and
- (J) Facilities for the retail sale of goods;
- (4) “Economic development service” means:
- (A) Planning, marketing, and strategic advice and counsel regarding job recruitment, job development, job retention, and job expansion;
- (B) Supervision and operation of industrial parks or other such properties; and
- (C) Negotiation of contracts for the sale or lease of industrial parks or other such properties;
- (5) “Economic impact and cost-benefit analysis” means an economic analysis created with an economic modeling software program or industry-recognized software program that measures the anticipated local or regional economic benefits of an economic development project against the costs of the incentive proposal of the economic development project and prepared by a nationally or regionally recognized independent economic forecasting firm or an Arkansas-based four-year institution of higher education with an active economic research or analysis department;
- (6) “Financial forecast” means a written report prepared by an independent certified public accountant of the general revenue and expenses and any other sources of funds to be appropriated by the governing body;
- (7) “General revenue” means:
- (A) Unobligated current-year budgeted moneys in the general fund of the municipality or county; and
- (B) Other unobligated general tax moneys of the municipality or county;
- (8) “Governing body” means the:
- (A) Quorum court of a county; or
- (B) City council or board of directors of a municipality;
- (9) “Infrastructure” means:
- (A) Land acquisition;
- (B) Site preparation;
- (C) Road and highway improvements;
- (D) Rail spur, railroad, and railport construction;
- (E) Water service;
- (F) Wastewater treatment;
- (G) Employee training, which may include equipment for employee training; and
- (H) Environmental mitigation or reclamation;
- (10)
- (A) “Municipality” means a city of the first class, a city of the second class, or an incorporated town.
- (B) “Municipality” does not mean a public corporation for economic development;
- (11) “Public corporation for economic development” means a corporation created and authorized under § 14-174-101 et seq. and the Public Corporations for Economic Development Act, § 14-175-101 et seq.; and
- (12) “Reserves” means:
- (A) The unassigned fund balance in the general fund of a municipality or a county at the beginning of the fiscal year; and
- (B) The beginning fund balance in a capital improvement fund that is available for appropriation to capital improvement projects at the discretion of the governing body of the municipality or county by ordinance or resolution.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
2020 Arkansas Code
Title 14 - Local Government
Subtitle 10 - Economic Development And Tourism Generally
Chapter 176 - Local Job Creation, Job Expansion, and Economic Development Act of 2017
§ 14-176-104. Economic development projects — Controls, restrictions, prohibitions, and recapture
Universal Citation: AR Code § 14-176-104 (2020)
- (a)
- (1) Before entering into a contract for an economic development project, the governing body shall review and approve an economic impact and cost-benefit analysis of the economic development project.
- (2) The economic impact and cost-benefit analysis under subdivision (a)(1) of this section may be paid for by the governing body.
- (3) The requirement for an economic impact and cost-benefit analysis under subdivision (a)(1) of this section does not apply to an economic development project in which the total appropriation does not exceed one hundred thousand dollars ($100,000).
- (b) Economic development project contracts shall:
- (1) Be approved by the governing body in ordinance or resolution form after following applicable bidding, procurement, and professional services procedures in accordance with state law or local ordinance;
- (2) Be memorialized in writing;
- (3) Not exceed one (1) year in length unless there is a public finding by the governing body that multiple years are necessary for the success of the economic development project and that multiple years are both lawful and a matter of public benefit;
- (4) Not be renewed automatically without a vote of the governing body;
- (5) State a proper public purpose, such as the creation of new jobs, job retention, or the expansion of the tax base by construction or improvements to real property;
- (6) Articulate specific criteria to measure the progress toward, or achievement of, the proper public purpose; and
- (7) Contain a recapture provision, including without limitation:
- (A) A specific time frame in which the recipient of the funding shall provide a written financial accounting to the chief executive and governing body of the use of the moneys with documentation generally acceptable to Arkansas Legislative Audit's requirements and a report detailing the recipient's progress toward, or achievement of, the specific criteria in the economic development project contract;
- (B) A specific time frame in which the governing body may formally demand by resolution the refunding of the moneys by the recipient upon the governing body's decision that the reporting in subdivision (b)(7)(A) of this section was insufficient and without merit or that the agreed-upon progress or criteria has not been made or achieved in a timely manner as provided for in the economic development project contract; and
- (C) If the moneys are not returned when demand is made by the municipality or county, the governing body may authorize a cause of action to recapture the moneys in the circuit court of the county with proper jurisdiction and venue.
- (c)
- (1) The following are exempt from the Freedom of Information Act of 1967, § 25-19-101 et seq., as related to economic development projects:
- (A) Files and materials that if disclosed would give advantage to the competitors or bidders; and
- (B) Records maintained by the municipality or county related to an economic development project's:
- (i) Planning;
- (ii) Site location;
- (iii) Expansion;
- (iv) Operations; or
- (v) Product development and marketing.
- (2)
- (A) However, quarterly reports shall be provided to the governing body by parties to the economic development project contract and shall be available to the public.
- (B) The reports shall include a statement of the specific items contained in the economic development project contract and articulation of compliance as to each of those items.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
2020 Arkansas Code
Title 14 - Local Government
Subtitle 10 - Economic Development And Tourism Generally
Chapter 176 - Local Job Creation, Job Expansion, and Economic Development Act of 2017
§ 14-176-105. Economic development services — Controls, restrictions, and prohibitions
Universal Citation: AR Code § 14-176-105 (2020)
- (a) Economic development service contracts shall:
- (1) Be approved by the governing body in ordinance or resolution form after following applicable bidding, procurement, and professional services procedures in accordance with state law or local ordinance;
- (2) Be recorded in writing;
- (3) Not exceed one (1) year in length unless there is a public finding by the governing body that multiple years are necessary for the success of the economic development service and that multiple years are both lawful and a matter of public benefit;
- (4) Not be renewed automatically without a vote of the governing body;
- (5) State a proper public purpose, such as the creation of new jobs, job retention, or the expansion of the tax base by construction or improvements to real property; and
- (6) Articulate specific criteria to measure the progress toward, or achievement of, the proper public purpose.
- (b)
- (1) The following are exempt from the Freedom of Information Act of 1967, § 25-19-101 et seq., as related to economic development services:
- (A) Files and materials that if disclosed would give advantage to the competitors or bidders; and
- (B) Records maintained by an economic development service provider for a municipality or county related to any economic development project.
- (2)
- (A) However, quarterly reports shall be provided to the governing body by parties to the economic development service contract and shall be available to the public.
- (B) The reports shall include a statement of the specific items contained in the economic development service contract and articulation of compliance as to each of those items.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
