This bill amends the Arkansas Constitution to redefine "economic development projects" and establish specific requirements for retail facilities that qualify under this definition. The updated definition now includes various types of facilities such as manufacturing, research, recycling, distribution centers, and sports complexes, while adding retail facilities as a new category. The bill specifies that retail facilities must meet certain criteria, including competition with out-of-state sites, job creation thresholds, projected sales figures, significant capital investment, and local government support.

Additionally, the bill introduces definitions for "rural area" and "urban area" to clarify the context in which these economic development projects will be evaluated. A rural area is defined as having a population below 20,000 and being at least 20 miles from a larger city, while an urban area is any area not classified as rural. These changes aim to enhance economic development efforts in Arkansas by providing clearer guidelines and incentives for qualifying projects.

Statutes affected:
HB 1841: 14-176-102(3), 14-176-102