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

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

A regional economic development partnership shall satisfy the following requirements: The economic development region includes the active participation of at least two (2) contiguous counties; The economic development region is of adequate size in population to: Effectively undertake economic development activities while remaining a distinct and viable region for attracting new investment; and Generate adequate regional resources to provide matching funds; and The economic development region is economically integrated as determined by: Commuting patterns; Economic base; Major employers; Membership in a defined metropolitan or micropolitan statistical area; or Other indicators determined by the Arkansas Economic Development Commission. 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. 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. 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. If a regional economic development partnership is formed on or after January 1, 2013: The board of directors shall contain at least one (1) representative from each county that is a member of the regional economic development partnership; 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 A person appointed to the board of directors may be a representative of either a public entity or a private entity. Each member of the board of directors shall serve for a term as provided under the bylaws of the regional economic development partnership. 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. 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.