Disposition of funds — Definitions

1. Law
2. Arkansas Code
3. Local Government
4. Economic Development And Tourism Generally
5. Economic Development Tax
6. Disposition of funds — Definitions

1. (a) As used in this section:

   1. (1) “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:

      1. (A) Manufacturing, production, and industrial facilities;

      2. (B) Research, technology, and development facilities;

      3. (C) Recycling facilities;

      4. (D) Distribution centers;

      5. (E) Call centers;

      6. (F) Warehouse facilities;

      7. (G) Job training facilities;

      8. (H) Regional or national corporate headquarters facilities; and

      9. (I) Sports complexes designed to host local, state, regional, and national competitions, including without limitation baseball, softball, and other sports tournaments;

   2. (2) “Economic development service” means:

      1. (A) Planning, marketing, and strategic advice and counsel regarding job recruitment, job development, job retention, and job expansion;

      2. (B) Supervision and operation of industrial parks or other such properties; and

      3. (C) Negotiation of contracts for the sale or lease of industrial parks or other such properties; and

   3. (3) “Infrastructure” means:

      1. (A) Land acquisition;

      2. (B) Site preparation;

      3. (C) Road and highway improvements;

      4. (D) Rail spur, railroad, and railport construction;

      5. (E) Water service;

      6. (F) Wastewater treatment;

      7. (G) Employee training, which may include equipment for such purpose; and

      8. (H) Environmental mitigation or reclamation.

2. (b) The taxes levied under this subchapter may be utilized:

   1. (1) For construction, reconstruction, demolition, site development, contracts, and related costs associated with the creation, expansion, and rehabilitation of water or sewer systems, streets and roads, bridges, drainage, and other vital public facilities;

   2. (2) To establish and operate local economic development programs;

   3. (3) To obtain or appropriate money for a corporation, association, institution, or individual to:

      1. (A) Finance an economic development project; or

      2. (B) Provide economic development services; and

   4. (4) As a pledge to secure the issuance of bonds under the Local Government Bond Act of 1985, § 14-164-301 et seq., by a municipality, a county, or a corporation organized under the Public Corporations for Economic Development Act, § 14-175-101 et seq.

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