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Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-219. Annual report

Current as of March 28, 2024 | Updated by Findlaw Staff

The Arkansas Economic Development Commission shall present a report annually on the commission's work during the previous calendar year in these areas of concern:

(1) An accounting of:

(A) Each project that was offered incentives in the previous calendar year, including without limitation:

(i) The number of jobs proposed by each project;

(ii) For each job creation project that receives funds from the Economic Development Incentive Quick Action Closing Fund under § 19-5-1231, an indication of whether each project contains a repayment requirement;

(iii)(a) Each project that received funds from the Economic Development Incentive Quick Action Closing Fund under § 19-5-1231.

(b) The information reported in subdivision (1)(A)(iii)(a) of this section and any other related information shall be made available to the Office of Economic and Tax Policy upon request;

(iv) The location of each project; and

(v) The specific incentives offered by the commission;

(B) Each project that was offered incentives but that did not accept incentives, including without limitation:

(i) An assessment of the reasons why each offered project failed to open; and

(ii) Any proposals the General Assembly should consider that would have assisted the commission in its negotiations regarding each project;

(C) Each factory and plant that closed in the previous calendar year, including without limitation:

(i) The number of jobs lost as the result of the closure of each factory or plant;

(ii) The location of each factory or plant that closed; and

(iii) An assessment of the reasons for each factory or plant closing; and

(D) The commission's strategies and recommendations for the coming year, including:

(i) An assessment of the relative risk of loss of factories, plants, and jobs in the state; and

(ii) Plans for:

(a) Preventing future closings of factories and plants;

(b) Preventing future losses of jobs;

(c) Increasing the number of economic development proposals within the state;

(d) Drawing an increasing number of economic development proposals into the state; and

(e) Creating new incentives for economic development proposals; and

(2) The Director of the Arkansas Economic Development Commission's assessment of the commission's performance, including without limitation a comparison to:

(A) The commission's performance over the past two (2) years;

(B) The commission's own projections; and

(C) Economic development in neighboring states.

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Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-219. Annual report - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-4-219/

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