(a) The Arkansas Economic Development Commission shall establish a tier system that shall rank all seventy-five (75) counties of this state into four (4) divisions on the basis of economic prosperity.
(b) Tier 4 will be the least prosperous division and tier 1 will be the most prosperous division.
(c) The assignment of a county to a tier shall be based on a ranking of:
(1) Unemployment rate;
(2) Poverty rate;
(3) Per capita income; and
(4) Population growth.
(d) The commission shall:
(1) Update ranking statistics annually; and
(2) Place counties into tiers based on the updated statistics.
(e) (1) A county that has experienced a sudden and severe period of economic distress caused by the closing of a business entity that results in the loss of a minimum of five percent (5%) of the employed labor force, as determined by the most recent Labor Market Information publication published by the Department of Workforce Services, may be moved up one (1) tier upon submitting a request to and being approved by the Arkansas Economic Development Council.
(2) If the council approves a county's move to a higher tier, any qualified business having signed a financial incentive agreement with the commission dated before the council's action shall receive the benefits for the duration of the term of the agreement that were assigned to the county to which it located at the time the financial incentive agreement was signed by the commission regardless of any subsequent change to the tier in which the county is assigned.
Section: Previous 15-4-2702 15-4-2703 15-4-2704 15-4-2705 15-4-2706 15-4-2707 15-4-2708 15-4-2709 15-4-2710 15-4-2711 15-4-2712 15-4-2714 NextLast modified: November 15, 2016