Section 14-166-303 - Rural Economic Development Initiative(a)(1) The Rural Economic Development Initiative is established to provide funds to planning and development districts for distribution to projects in rural areas to further rural economic development and revitalization.(2)(A) If funding permits, a planning and development district may apply to the Arkansas Economic Development Commission for funds to be distributed to projects under this subchapter located within the planning and development district.(B) The commission shall allocate funding available for the initiative so that the funds available to each of the eight (8) planning and development districts for the initiative are as equal as possible.(3) The commission shall not disburse funds to a project under this subchapter unless the disbursement for the project is approved by the Legislative Council.(b)(1) Each planning and development district shall employ staff necessary to support the initiative, including without limitation employing a Rural Economic Development Specialist whose primary tasks shall be to:(A) Lead a coordinated effort in each planning and development district regarding the initiative;(B) Promote and develop the initiative for the planning and development district; and(C) Assist in other efforts involving federal agencies and state agencies that could benefit rural areas.(2)(A) In addition to applying for projects under subsection (a) of this section, a planning and development district may apply to the commission for costs for necessary staff to support the initiative, including without limitation the staff costs for a Rural Economic Development Specialist.(B) A request for costs for necessary staff under subdivision (b)(2)(A) of this section may include without limitation the overhead costs associated with the necessary staff, including without limitation benefit expenses.(C) Costs for necessary staff under subdivision (b)(2)(A) of this section shall come from funds available for the initiative.(c)(1) Under the initiative, a planning and development district may apply to the commission for funding for one (1) or more projects within the district that will further rural economic development and revitalization.(2) Disbursement of initiative funds under this subchapter shall be limited to projects within rural areas.(3) No single project shall receive more than twenty-five percent (25%) of the funds allocated to one (1) of the eight (8) planning and development districts under subdivision (a)(2)(B) of this section.(4) Applications should include an economic development or workforce development component when possible.(5) The projects for which funds may be granted under this subchapter include without limitation: (A) Economic development activities by a local governmental unit or other political subdivision with committed industry partners, including without limitation:(i) Projects actively seeking to expand or develop new facilities within a local governmental unit or other political subdivision;(ii) Retaining or hiring individuals from the available labor force to contribute to the betterment of the community and its surroundings; and(iii) Projects that build upon and support the existing assets of a local governmental unit or other political subdivision as well as grow and nurture new industry segments;(B) Projects for conducting industry-driven job skills training or employment-related education with an emphasis on the use of existing public institutions located in the region by providing job training or employment-related education for a specific employer or industry sector to fill immediate job openings or retain current jobs as documented by the specific employer or industry sector; and(C) Disbursements to a local governmental unit or other political subdivision without a direct job creation or retention component if a strongly compelling case can be made that a long-term economic impact can be generated by the investment, including without limitation providing access to a previously inaccessible parcel of land to make it desirable for economic development purposes.(d) Recipients of funds allocated for the initiative may use the funds to match federal dollars for eligible projects.(e) The commission may promulgate rules necessary to implement this subchapter.Added by Act 2023, No. 746,§ 1, eff. 8/1/2023.