(a) All applications filed with the Arkansas Development Finance Authority under the provisions of this subchapter shall first be reviewed by the appropriate designated staff officials of the authority or by a committee consisting of members of the Board of Directors of the Arkansas Development Finance Authority for preliminary review and recommendation prior to being submitted for consideration by the authority.
(b) All applications submitted to the authority and all supporting documents, instruments, proposed contracts, estimated costs, or other evidence submitted therewith shall be confidential and shall not be open to public review except as provided in this section, and all staff meetings or meetings of the review committee of members of the authority established for the purpose of giving preliminary review of such applications shall be confidential and shall not be open to the public.
(c) Upon conclusion of the preliminary review of each request under this subchapter, if the request is submitted to the authority with a recommendation that it be approved, the application and all supporting documents, including the findings and the recommendations resulting from the staff or review committee thereof, shall be an open public record available for inspection during all regular business hours.
(d) In the event that an application from a small-business person under this subchapter is not recommended for approval by the authority under this subchapter, that application and all supporting documents, including all findings and recommendations in regard thereto by the staff or review committee, shall continue to be confidential and not open to public inspection.
(e)
(1) The small-business person shall be notified in writing of any staff or review committee determination that the application is not being submitted to the authority with a recommendation that it be approved.
(2) The notice shall advise the small-business person that the application will be kept confidential unless within thirty (30) days from the date of receipt of the written notice the small-business person files a petition with the authority requesting that the authority hold a hearing in regard to the application. In that event, the application and all supporting documents shall become public information available for public inspection.
(f) The membership of a review committee, when acting in that capacity, shall never be considered to constitute a quorum of the board for the purpose of approving an application for guaranty under this subchapter.