Issue 3: Economic Development Districts and Public Funding Constitutional Amendment
Source: arkansasbusiness.com
What does this measure do?
Lets the Legislature create economic development districts that can borrow money, exempt property inside them from most property taxes, and charge their own fees, and lets the state give public loans and grants to businesses. It sets no dollar amount; costs depend on later laws.
Proposed by: Arkansas General Assembly (Senate Joint Resolution 15, Sen. Jonathan Dismang and Rep. Howard Beaty Jr.)
Both are Republicans: Dismang of Searcy (Senate District 18) and Beaty of Crossett. They say Arkansas is one of two states that bar local economic development districts.
Source: news.ballotpedia.org
A YES vote means
Lawmakers could set up development districts with their own bonds, tax breaks, and fees, and fund business loans and grants with public money.
A NO vote means
Arkansas keeps its current limited tools, such as tax-increment financing districts.
Sources: uaex.uada.edu · sos.arkansas.gov · ballotpedia.org
Source: uaex.uada.edu