AR HB1702

Expands the definition of "governing body" to include state agencies (with the Governor as the governing body) and research institutes or centers (with their board of directors as the governing body)

Adds "research institute or center" as a new defined term meaning non-profit or government-owned organizations with an Arkansas presence performing research for processes, products, techniques, or services

Allows state agencies and research institutes or centers to become sponsors of research park authorities alongside the required accredited institution of higher education and optional municipalities or counties

Renumbers existing definitions (12) through (15) to (12) through (16) to accommodate the new "research institute or center" definition

Clarifies that research parks can be located on or near the main campus of the sponsoring accredited institution of higher education