§ 15-4-3401. Title
This subchapter shall be known and may be cited as the “Regional Economic Development Partnership Act”.
§ 15-4-3402. Legislative intent
The General Assembly finds that: (1) The support of regional economic development efforts is vital to the economic health and vitality of the state; (2) In order to increase the income of Arkansans at a growth pace greater than the national average and to compete more effectively in the global marketplace for new business and […]
§ 15-4-3403. Definitions
As used in this subchapter: (1) “Economic development region” means a group of municipalities or counties that: (A) Includes at least two (2) counties; and (B) Has formed a regional economic development partnership; (2) “In-kind contributions” means items given to a regional economic development partnership, including without limitation donated office space, equipment, staff, and other […]
§ 15-4-3404. Regional economic development partnerships — Board of directors
(a) A regional economic development partnership shall satisfy the following requirements: (1) The economic development region includes the active participation of at least two (2) contiguous counties; (2) The economic development region is of adequate size in population to: (A) Effectively undertake economic development activities while remaining a distinct and viable region for attracting new […]
§ 15-4-3405. Application
(a) An entity shall not be recognized as a regional economic development partnership under this subchapter unless the board of directors of the entity submits an application and is approved under this section. (b) An entity applying for approval as a regional economic development partnership shall submit an application to the Arkansas Economic Development Commission […]
§ 15-4-3406. Termination
(a) A board of directors of a regional economic development partnership may terminate the regional economic development partnership upon a majority vote of the board of directors. (b) Notice of the intent to terminate a regional economic development partnership shall be sent to the Arkansas Economic Development Commission at least thirty (30) days before a […]
§ 15-4-3407. State funding
(a) (1) Each regional economic development partnership shall enter into an agreement with the Arkansas Economic Development Commission to receive state funds, if available. (2) The agreement under subdivision (a)(1) of this section shall: (A) Be for a term of not longer than one (1) year; and (B) Identify the eligible expenses for which the […]
§ 15-4-3408. Matching funds
(a) A regional economic development partnership shall match the state funds allocated to the regional economic development partnership on the basis of at least one dollar ($1.00) of local matching funds for every one dollar ($1.00) of state funds. (b) If a regional economic development partnership does not provide proof of sufficient matching funds before […]
§ 15-4-3409. Eligible uses of state funds
State funds under this subchapter shall be used only for marketing, advertising, promoting, and other activities related to implementing the Governor’s Strategic Plan for Economic Development required under § 15-4-3405.
§ 15-4-3410. Ineligible uses of state funds
(a) State funds under this subchapter shall not be used for administrative costs. (b) Ineligible uses of state funds include without limitation payment for the following expenses: (1) Administrative salaries, benefits, general administrative costs, and salaries and benefits related to economic development; (2) Overhead expenses, including without limitation postage, shipping, rent, subscriptions, equipment, furniture, fixtures, […]
§ 15-4-3411. Annual reports
(a) A regional economic development partnership that receives state funding under this subchapter shall submit an annual report to the Arkansas Economic Development Commission. (b) The annual report required under subsection (a) of this section shall include the following: (1) A description of the economic development activities and organizational activities of the regional economic development […]
§ 15-4-3412. Administration — Rules
The Arkansas Economic Development Commission shall administer this subchapter and may adopt any rules necessary to implement this subchapter.