(1) In order to position Arkansas to compete for economic development projects more effectively, the state must have an inventory of high-quality industrial development sites that are prepared for quick development.
(2) Prospective companies are searching for sites that can meet fast development schedules to begin operations and create new jobs.
(3) Arkansas has a need to increase the inventory of shovel-ready sites that could be marketed to prospective companies.
(b)
(1) The goal of the Arkansas Site Development Program is to provide matching grant funds to eligible applicants for site development improvement activities that will enhance readiness and competitiveness.
(2) Grantees shall receive matching funds for eligible activities that will increase an eligible site’s marketability and competitiveness for economic development recruitment projects.
(3) Arkansas Site Development Program grants are intended to leverage, not supplant, other funding sources.