The Arkansas Economic Development Commission on Monday announced that it’s launching the Arkansas Site Development Program to provide $10 million in matching funding for site development improvement efforts throughout the state.
The program is designed to enhance industrial site readiness and competitiveness for job-creating projects in Arkansas, AEDC said in a news release. Eligible applicants include cities, towns and counties in Arkansas; economic development organizations; and chambers of commerce.
To qualify for the program, applicants must submit industrial sites with a minimum of 30 acres of contiguous land, and sites must be listed on the Arkansas Site Selection Database. Sites must be owned or optioned by an applicant, and optioned sites must be owned by the applicant at the time the grant agreement is executed.
Funding can be used for a range of site development projects, such as extension and improvement of public infrastructure to the site; right of way acquisition; easement acquisition; soil borings and analysis; construction costs for site improvements, including drainage improvements, easement, dozer or dirt work, grading, site mitigation, and site rehabilitation; due diligence study costs; and other site development-related activities, according to the release.
Projects will be evaluated on a 100-point scale with seven categories, including site conditions, utilities, transportation infrastructure, site due diligence, current marketing efforts, local funding match, and site certification.
An eligible applicant must invest a match that is at least a minimum of 5% of the overall project cost estimate.
AEDC said the program is the first of its kind in state history.
“In economic development, having shovel-ready sites is vital for attracting great companies to locate and expand,” Clint O’Neal, executive director of AEDC, said in a statement. “The Arkansas Site Development Program will give our local communities the resources they need to enhance their industrial sites and give them a competitive edge for economic development projects in the future.”
The application period is now open. Applicants must submit their intent to apply for program funding by August 1. The deadline to submit an application is Sept. 2.
The funding awards will be announced in November 2024.
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