§ 15-4-1604 - Powers and duties of the Arkansas Economic Development Commission. - Arkansas Statutes

15-4-1604. Powers and duties of the Arkansas Economic Development Commission.

The Arkansas Economic Development Commission shall administer the provisions of this subchapter and shall have the following powers and duties in addition to those mentioned in this subchapter and in other laws of this state:

(1) To promulgate rules and regulations in accordance with the Arkansas Administrative Procedure Act, 25-15-201 et seq., necessary to carry out the provisions of this subchapter;

(2) (A) In highly competitive situations, the Director of the Arkansas Economic Development Commission is authorized to negotiate proposals on behalf of the state with prospective businesses which are considering locating a new facility or expanding an existing facility that would employ the requisite number of net new full-time permanent employees provided by 15-4-1605.

(B) The Arkansas Economic Development Commission is authorized to negotiate with the business a financial incentive plan up to an amount equal to three and nine-tenths percent (3.9%) of the business' annual payroll for the net new full-time permanent employees, and may negotiate with the business a financial incentive plan up to an amount equal to five percent (5%) of the annual payroll for the net new full-time permanent employees if the business locates in an area of high unemployment as defined by 15-4-1602;

(3) To provide the Department of Finance and Administration with a copy of each formal agreement entered into by the Arkansas Economic Development Commission with each of the qualifying businesses so that the Department of Finance and Administration will know how much money is to be designated for the Economic Development Incentive Fund each quarter; and

(4) To make disbursement from the fund to qualified businesses which have entered into financial incentive plans.