Little Rock, Arkansas – In a significant boost for local economic development, Governor Sarah Huckabee Sanders, alongside the Arkansas Economic Development Commission (AEDC), announced the allocation of $10 million through the Arkansas Site Development Program to thirteen communities. This substantial funding aims to enhance industrial sites throughout the state, preparing them for future economic projects that promise to create jobs and foster growth.
Strategic Investments to Spur Economic Growth
The communities poised to benefit from this funding span across the state, including Arkadelphia, Berryville, Hope, Jonesboro, Little Rock, Malvern, Monticello, Morrilton, Newport, Prescott, Searcy, Stuttgart, and Texarkana. Each will receive a portion of the $10 million to prepare their industrial sites for significant economic opportunities. This initiative highlights Arkansas’s readiness to welcome business and investments, as emphasized by Governor Sanders. “The sky is the limit for Arkansas’ economy when our government and private sector work together to grow investment and jobs,” she remarked. The governor’s statement reflects a clear vision of utilizing strategic funding to attract new businesses to these regions.
Collaboration and Planning
The Arkansas Site Development Program was established under Governor Sanders’ administration in collaboration with the Arkansas State Legislature, which was announced in June 2024. The program specifically targets industrial sites that are already listed on the Arkansas Site Selection Database and are at least 30 contiguous acres. These sites must be owned or optioned by the applicant, ensuring readiness and eligibility for immediate development.
Secretary of Commerce Hugh McDonald underscored the importance of having ready-to-go sites for attracting companies. “Ensuring that our communities have company-ready sites is critical for Arkansas’ economic success,” McDonald said. This program not only supports existing economic strategies but also sets a path for sustained future growth, leveraging a collaborative model between various governmental tiers and local stakeholders.
Funding Impact and Distribution
From the total of 28 applications, which requested over $44 million in funding, the selected projects illustrate a strategic approach to disbursing funds where they are most needed. The allocations include:
- AR-TX Regional Economic Development Inc. (REDI) – Texarkana: $2,000,000
- Berryville Business Park – Berryville: $400,000
- City of Prescott – Prescott: $698,845
- Conway County Economic Development Corporation- Morrilton, $109,800
- Economic Development Corporation of Clark County – Arkadelphia, $1,013,710
- Forward Searcy Inc. – Searcy, $314,165
- Hempstead County Economic Development Commission – Hope, $4,602
- Hot Spring County – Malvern, $133,250
- Jonesboro Unlimited – Jonesboro, $2,000,000
- Little Rock Port Authority – Little Rock, $2,000,000
- Newport Economic Development Commission – Newport, $335,700
- Southeast Arkansas Regional Intermodal Facility Authority – Monticello, $166,520
- Stuttgart Industrial Development Corporation – Stuttgart, $823,408
Clint O’Neal, the executive director of the Arkansas Economic Development Commission, highlighted the unique aspect of this program as a pioneering step for Arkansas. “The Arkansas Site Development Program is the first program of its kind in our state,” said O’Neal. The enthusiasm and support from state leadership and the involved communities signal a robust forward trajectory for Arkansas’s industrial sectors.
The funds will facilitate a variety of development activities such as infrastructure improvements, site assessments, and essential studies, ensuring that these sites become prime locations for business and industrial developments. This initiative not only promises to enhance the competitive stance of Arkansas’s communities but also foretells a future rich with opportunity, job creation, and economic prosperity.
Governor Sanders, local leaders, and state officials collectively anticipate that the strategic infusion of funds into these critical areas will cultivate a fertile ground for attracting and retaining high-quality economic ventures in Arkansas for years to come.
