Definitions

1. Law
2. Arkansas Code
3. Local Government
4. Economic Development And Tourism Generally
5. Public Corporations for Economic Development Act
6. Definitions

As used in this chapter:

1. (1) “Board” means the board of directors of a corporation;

2. (2) “Corporation” means a corporation organized under this chapter;

3. (3)

   1. (A) “Costs” means expenditures made or estimated to be made and monetary obligations incurred or estimated to be incurred by a corporation.

   2. (B) “Costs” includes, but is not limited to:

      1. (i) Real property assembly costs, including, but not limited to, those costs incurred for and in connection with the acquisition of interests in real property and improvements and any deficit incurred as a result of the sale or lease as lessor by the corporation of real or personal property or a project for consideration which is less than its cost to the corporation;

      2. (ii) Capital costs, including, but not limited to:

         1. (a) The actual costs of the construction of new buildings, structures, and fixtures;

         2. (b) The demolition, alteration, expansion, remodeling, repair, or reconstruction of existing buildings, structures, and fixtures and the environmental remediation of real property;

         3. (c) Parking;

         4. (d) Landscaping;

         5. (e) The acquisition of equipment; and

         6. (f) Site clearing, grading, and preparation;

      3. (iii) Financing costs, including, but not limited to:

         1. (a) All interest paid to holders of evidences of indebtedness issued to pay for project costs;

         2. (b) All costs of issuance; and

         3. (c) Any redemption premiums, credit enhancement, or other related costs;

      4. (iv) Research and development costs;

      5. (v) Professional service costs, including, but not limited to, those costs incurred for architectural, planning, engineering, accounting, and legal advice and services;

      6. (vi) Relocation costs;

      7. (vii) Organizational and administrative costs incurred by the corporation, including, but not limited to, the costs of:

         1. (a) Conducting feasibility studies, environmental impact studies, and other studies; and

         2. (b) Informing the public with respect to a project;

      8. (viii) The amount of any contributions made in connection with a project; and

      9. (ix) Costs related to the construction of environmental protection devices, storm or sanitary sewer lines, water lines, or amenities or streets or the rebuilding or expansion of streets in connection with a project;

4. (4) “County” means any county in this state;

5. (5) “Enterprise” means any for-profit or nonprofit corporation, partnership, sole proprietorship, firm, franchise, association, organization, or trust, or any other form of legal entity;

6. (6) “Governing body” means the council, board of directors, or other like body in which the legislative functions of a municipality are vested or the quorum court of the county as it has been constituted and acting as the legislative body of the county under Arkansas Constitution, Amendment 55, or if not so constituted and acting, the county court of the county;

7. (7) “Municipality” means any incorporated city or town in this state;

8. (8) “Primary job” means a job that is available or expected to become available at an enterprise:

   1. (A) For which a majority of the products or services of that enterprise are ultimately used in regional, statewide, national, or international markets infusing new dollars into the local economy; and

   2. (B) That derives less than ten percent (10%) of its total Arkansas revenue from sales to the general public;

9. (9)

   1. (A) “Project” means an undertaking related to the creation or retention of primary jobs.

   2. (B) A project may include one (1) or more of the following:

      1. (i) The acquisition and disposition of land, buildings, equipment, facilities, related infrastructure, and improvements necessary to:

         1. (a) Attract, promote, or develop new or expanded enterprises that will create or retain primary jobs in the future; or

         2. (b) Provide job training and postsecondary education required or suitable for the creation or retention of primary jobs;

      2. (ii) The construction or expansion of buildings, facilities, related infrastructure, and improvements necessary to attract, promote, or develop new or expanded enterprises that will create or retain primary jobs in the future or to provide job training and postsecondary education required or suitable for the creation or retention of primary jobs;

      3. (iii) Job training required or suitable for the creation or retention of primary jobs;

      4. (iv) Postsecondary education required or suitable to educate students in fields of study needed by enterprises providing primary jobs; and

      5. (v) Expenditures found by the corporation to be required or suitable for infrastructure necessary to attract, promote, or develop new or expanded enterprises, limited to:

         1. (a) Streets and roads;

         2. (b) Parking;

         3. (c) Rail spurs;

         4. (d) Water and electric utilities;

         5. (e) Gas utilities;

         6. (f) Drainage and related improvements;

         7. (g) Telecommunications;

         8. (h) Data communications; and

         9. (i) Internet improvements; and

10. (10) “State” means the State of Arkansas.

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