(a) A regional economic development partnership shall satisfy the following requirements:

1. (1) The economic development region proposed includes the active participation of at least two (2) contiguous counties;

2. (2) The economic development region is of adequate size in population to:

   1. (A) Effectively undertake economic development activities while remaining a distinct and viable region for attracting new investment; and
   2. (B) Generate adequate regional resources to provide matching funds;

3. (3) The economic development region is economically integrated as determined by:

   1. (A) Commuting patterns;
   2. (B) Economic base;
   3. (C) Major employers;
   4. (D) Membership in a defined metropolitan or micropolitan statistical area; or
   5. (E) Other indicators determined by the Arkansas Economic Development Commission;
4. (4) Any county seeking to join a regional economic development partnership must adopt an ordinance seeking membership in the regional economic development partnership; and
5. (5) The regional economic development partnership, by a majority vote of its board of directors that are residents of Arkansas, may approve the membership of a requesting county after having received a copy of the approved ordinance seeking membership.

(b) The commission may allow an existing entity that applies to be a regional economic development partnership to maintain the entity’s existing rules regarding:

1. (1) Membership;
2. (2) Terms; and
3. (3) Duties of the board of directors.