Arkansas Administrative Code Agency 009 - Arkansas Industrial Development Commission
1. What is the Arkansas Administrative Code (AAC)?
The Arkansas Administrative Code (AAC) is the official collection of rules and regulations created by Arkansas state agencies to enforce state laws. Each agency has a number in the AAC. The rules explain how the laws passed by the Arkansas Legislature are applied and enforced.
2. What is Agency 009?
Agency 009 refers to the Arkansas Industrial Development Commission (AIDC).
The AIDC is a state agency responsible for promoting economic development in Arkansas. Its mission is to attract, retain, and expand businesses, creating jobs and improving the state’s economy.
3. Purpose of the Arkansas Industrial Development Commission
The Commission’s main goals are:
Attracting New Businesses
Encourages companies to move to Arkansas by offering incentives and assistance.
Supporting Existing Businesses
Helps Arkansas-based businesses grow and expand.
Provides support such as financing, training, and infrastructure guidance.
Economic Development Planning
Identifies areas and projects in Arkansas with high potential for growth.
Works with local governments and other state agencies to implement plans.
Job Creation
Ensures that new and expanding businesses generate employment opportunities for Arkansas residents.
4. Responsibilities of the Commission
The rules under Agency 009 in the Arkansas Administrative Code outline:
Financial Incentives
Authorizes loans, grants, or tax incentives to businesses that meet certain criteria.
Ensures incentives are used properly and fairly.
Project Approval
Establishes criteria for approving development projects.
Evaluates projects based on economic impact, job creation, and public benefit.
Partnerships
Works with city, county, and regional development groups.
Coordinates with other state agencies to maximize resources.
Monitoring and Reporting
Requires businesses receiving support to report on job creation, investment, and compliance.
Ensures transparency and accountability in economic development programs.
Rulemaking and Governance
Sets procedures for how the Commission operates, including meetings, voting, and decision-making.
Establishes qualifications for projects and applicants seeking assistance.
5. How the Commission Operates
Composition: Usually includes appointed members with experience in business, finance, or economic development.
Meetings: Regular meetings are held to review projects, approve incentives, and set policies.
Decisions: The Commission votes on projects, approves financial incentives, and ensures compliance with state regulations.
6. Importance of Agency 009
Stimulates economic growth in Arkansas.
Creates jobs and business opportunities for residents.
Provides a legal and structured process for business incentives.
Ensures that public funds used for economic development are accountable and beneficial.
✅ Summary in Simple Terms:
Agency 009 – Arkansas Industrial Development Commission is the state agency that helps grow Arkansas’ economy by supporting businesses, offering incentives, approving development projects, and creating jobs. Its rules in the Administrative Code explain how projects are approved, how incentives are given, and how the Commission operates.
RELATED Blog
comments