Arkansas § 15-4-209 - Arkansas Economic Development Commission — Functions, powers, and duties.

§ 15-4-209. Arkansas Economic Development Commission — Functions, powers, and duties.

In accordance with state and federal law, the Arkansas Economic Development Commission shall: Administer grants, loans, cooperative agreements, tax credits, guaranties, and other incentives, memoranda of understanding, and conveyances to assist with economic development in the state; In concert with others, periodically develop a strategic plan to guide the commission in the pursuit of the commission's stated mission; Cooperate with public and private organizations to advance the commission's goals and objectives as identified in the commission's most recent strategic plan; Administer the Small Cities Community Development Block Grant (CDBG) Program with funds received from the United States Government; Assist rural communities and agencies with funding, educational opportunities, and technical assistance to enhance the quality of life in rural areas of Arkansas; To the extent that funds are available, assist with the cost of infrastructure in the pursuit of new or expanded job creation; Encourage the exportation of Arkansas-produced goods and services; Assist women-owned businesses and minority-owned businesses through certification, loan guaranties, technical assistance, or grants to encourage their growth and development; Provide assistance to cities, counties, and regions as they develop and implement strategic plans for community and economic development; Establish and administer a business and industry training program to train both new and existing employees; Cooperate with other international, multistate, regional, federal, state, and local efforts aimed at providing resources or assistance to economic development; Work with communities and regions to develop ongoing processes focused on the creation and recruitment of new businesses and the retention of existing businesses; Utilize all available means of securing financing for business development statewide; Serve as the state's focal point for the establishment of foreign trade zones under the programs offered by the Unites States Department of Commerce, including without limitation serving as the grantee of Foreign Trade Zone 14; Promote innovation and the commercialization of ideas into viable Arkansas businesses; Highlight the state's ability to host film projects and make available resources to assist in building the film industry in the state; Comply with procedures for the disposal of properties acquired by the commission; Administer the provisions of Arkansas Constitution, Amendment 27, providing a limited exemption from certain tax liabilities; Assist in the creation and growth of small businesses; and Carry out any other duties or responsibilities as designated by the Governor. The commission may: Contract and be contracted with; Purchase, lease, rent, sell, and receive bequests or donations of real, corporeal, or personal property from any lawful source; Establish and maintain international offices, as approved by the Arkansas Economic Development Council, to assist with the export of Arkansas-produced goods and services as well as foreign direct investment, either through the use of contractual employees or other means; Conduct studies as necessary to assess any economic development need or asset; and Promulgate rules necessary to implement the programs and services offered by the commission.