The "Industrial Development Authorities Expansion Act" seeks to bolster economic development in Arkansas by establishing industrial development authorities tasked with promoting industry, job creation, and capital investment. The bill introduces Chapter 189 to the Arkansas Code, detailing the definitions, powers, and organizational structure of these authorities, which local governments can create through a circuit court-approved petition process. Key provisions include the formation of a board of directors for each authority, the ability to acquire and develop economic projects such as industrial parks and job training facilities, and the authority to act as an agent for both the U.S. Government and the State of Arkansas.

Additionally, the bill amends existing laws to enhance the operational and financial capabilities of industrial development authorities. It allows these authorities to issue bonds for funding, engage in various economic projects, and manage property acquisition, including the right to exercise eminent domain under specific conditions. The bill also introduces provisions for the disposal of rail and railroad track materials by state agencies to these authorities, reflecting a more permissive approach. Overall, the act aims to provide greater flexibility and support for industrial development initiatives, ultimately fostering economic growth in Arkansas.

Statutes affected:
SB 361: 14-233-102(6), 15-11-211, 14-143-101, 14-185-101, 14-189-101, 14-166-202, 27-67-322(f)