§ 15-4-3006 — Qualification as a superproject

(a) (1) To qualify as a superproject, the investment and job creation requirements must be attained no later than the eighth year after the project first begins operations unless the eight-year period is extended by the Arkansas Economic Development Commission. (2) The commission may extend the eight-year deadline for a reasonable period of time, taking into consideration general economic conditions. (b) If the investment and job creation requirements are not attained within the eight-year deadline or the extended deadline as prescribed by the commission, the sponsor shall refund to the Arkansas Development Finance Authority any funds the sponsor received under this subchapter.

Legislative History

Acts 2003, No. 1751, § 6.