§ 14-176-101. Title
This chapter shall be known and may be cited as the “Local Job Creation, Job Expansion, and Economic Development Act of 2017”.
§ 14-176-102. Definitions
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 […]
§ 14-176-103. Authorization for obtaining and appropriating money
(a) A municipality or county may obtain or appropriate money for a corporation, association, institution, political subdivision of the state, the United States Government, or an individual to: (1) Finance economic development projects; or (2) Provide economic development services. (b) Funds appropriated by a municipality or county under the authority of this section shall be […]
§ 14-176-104. Economic development projects — Controls, restrictions, prohibitions, and recapture
(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 […]
§ 14-176-105. Economic development services — Controls, restrictions, and prohibitions
(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 […]
§ 14-176-106. Tax exemption
Contracts, agreements, and actions taken under this chapter do not affect the tax-exempt status of the state or any municipality or county engaged in work under this chapter.
§ 14-176-107. Immunity and liability
(a) Section 21-9-301 et seq. applies to this chapter. (b) A municipality or county is not liable for any action related to the providing of, or contractual agreement to enter into, an economic development project or economic development service, except as provided by law.
§ 14-176-108. Limitation on budget — Due diligence
(a) Except as provided in this section, appropriations for economic development projects by a governing body under this chapter shall not exceed in a fiscal year five percent (5%) of the total of the municipality’s or county’s unobligated general revenue and reserves of the previous fiscal year, without regard to the number of economic development […]
§ 14-176-109. Singular contract methodology
A municipality or county may engage the services of a singular entity to administer economic development projects and economic development services under this chapter.
§ 14-176-110. Bonds
This chapter does not prohibit or restrict the use of funding economic development projects through the proceeds of: (1) Revenue bonds issued in accordance with Arkansas Constitution, Amendment 65; or (2) Capital improvement or economic development bonds issued in accordance with Arkansas Constitution, Amendment 62.
§ 14-176-111. Federal and state grants
The use of federal and state grants is excluded from the restrictions and limitations of this chapter.
§ 14-176-112. Interlocal agreements
The use of interlocal agreements under the Interlocal Cooperation Act, § 25-20-101 et seq., is excluded from the restrictions and limitations of this chapter.
§ 14-176-113. Current economic development projects
Economic development projects that are under way on January 1, 2017, are exempt from the restrictions and limitations of this chapter.