As used in this part:

1. (1) “Economic development organization” means a local or regional organization that is recognized by the local governing body to:

   1. (A) Act as the primary point of contact for economic development projects with the Arkansas Economic Development Commission;

   2. (B) Assist businesses to:

      1. (i) Locate a business in their territory to create new jobs and investment;
      2. (ii) Expand and grow a business;
      3. (iii) Retain jobs and investment in a community that they represent; or
      4. (iv) Communicate details about available real estate, taxes, available financing options, planning and zoning regulations, infrastructure, workforce, utilities, and incentives at the local level; or
   3. (C) Market and promote a city, county, or region for economic development recruitment;

2. (2) “Eligible applicant” means:

   1. (A) A city of the first class, city of the second class, incorporated town, unincorporated community, or county in the State of Arkansas;
   2. (B) An economic development organization; or
   3. (C) A chamber of commerce;
3. (3) “Eligible project” means a project to improve, upgrade, rehabilitate, or conduct necessary due diligence on industrial property that will increase the site’s competitiveness for economic development recruitment;

4. (4) “Eligible site” means a greenfield industrial site that is:

   1. (A) A minimum of thirty (30) contiguous acres of land;

   2. (B)

      1. (i) Owned or optioned by an eligible applicant.
      2. (ii) Optioned land must be owned by the applicant by the time the grant agreement is executed; and
   3. (C) Listed on the Arkansas Site Selection Center database at the time of application;

5. (5)

   1. (A) “Matching funds” means a combination of donated labor, donated materials, donated land, or cash to comprise five percent (5%) of the total project cost estimate provided to the Arkansas Economic Development Commission.

   2. (B) All matching funds must be:

      1. (i) Pledged at the time the application is submitted;
      2. (ii) Related to the eligible project;
      3. (iii) Included in the project cost section of the application;
      4. (iv) Estimated at current fair market value; and
      5. (v) Available immediately at the time the grant is awarded; and
6. (6) “Option” means a contract for sale of property made in any manner sufficient to show agreement, including conduct by both parties that recognizes the existence of such a contract.