Arkansas § 15-4-3404 Regional economic development partnerships - Board of directors

Arkansas Statutes

§ 15-4-3404 — Regional economic development partnerships - Board of directors

Arkansas § 15-4-3404

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Bluebook

Ark. Code Ann. § 15-4-3404 (2026).

Text

(a)A regional economic development partnership shall satisfy the following requirements:

(1)The economic development region includes the active participation of at least two (2) contiguous counties;

(2)The economic development region is of adequate size in population to:

(A)Effectively undertake economic development activities while remaining a distinct and viable region for attracting new investment; and (B) Generate adequate regional resources to provide matching funds; and (3) The economic development region is economically integrated as determined by:

(A)Commuting patterns;

(B)Economic base;

(C)Major employers;

(D)Membership in a defined metropolitan or micropolitan statistical area; or (E) Other indicators determined by the Arkansas Economic Development Commission.

(b)(1) Aft

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(a) A regional economic development partnership shall satisfy the following requirements: (1) The economic development region includes the active participation of at least two (2) contiguous counties; (2) The economic development region is of adequate size in population to: (A) Effectively undertake economic development activities while remaining a distinct and viable region for attracting new investment; and (B) Generate adequate regional resources to provide matching funds; and (3) The economic development region is economically integrated as determined by: (A) Commuting patterns; (B) Economic base; (C) Major employers; (D) Membership in a defined metropolitan or micropolitan statistical area; or (E) Other indicators determined by the Arkansas Economic Development Commission. (b) (1) After a regional economic development partnership has been formed, a county may elect to join the regional economic development partnership by adopting an ordinance to that effect. (2) However, a county that adopts an ordinance under subdivision (b)(1) of this section shall become a member of the regional economic development partnership only upon a majority vote of the members of the board of directors of the regional economic development partnership that are residents of Arkansas. (c) (1) A regional economic development partnership formed on or after January 1, 2013, shall be governed by a board of directors that shall operate, manage, and control the regional economic development partnership in all respects. (2) If a regional economic development partnership is formed on or after January 1, 2013: (A) The board of directors shall contain at least one (1) representative from each county that is a member of the regional economic development partnership; (B) The governing body of each county that is a member of the regional economic development partnership shall appoint members of the board of directors; and (C) A person appointed to the board of directors may be a representative of either a public entity or a private entity. (3) Each member of the board of directors shall serve for a term as provided under the bylaws of the regional economic development partnership. (4) The commission may allow an existing entity that applies to be a regional economic development partnership to maintain the entity's existing rules regarding the membership, terms, and duties of the board of directors. (5) If a regional economic development partnership includes a territory located in another state, regional funding provided under this subchapter shall only be provided to a county in Arkansas.