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.