Statutes > Arkansas Statutes > Title 15 - Natural Resources and Economic Development > Subtitle 1 - Development Of Economic And Natural Resources Generally > Chapter 4 - Development Of Business And Industry Generally > Subchapter 30 - Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act > § 15-4-3006 - Qualification as a superproject.

§ 15-4-3006 - Qualification as a superproject.

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.