AR SB488

Appropriates $300,000 to the Economic Development Commission from the General Improvement Fund for grants to cities, counties, planning and development districts, and other eligible entities.

Eligible uses include land acquisition, construction, renovation, equipment purchases, industrial site development, intermodal facilities, rail spur construction, road and highway improvements, environmental mitigation, and water and sewer system improvements.

Authorizes the Commission to adopt new rules and regulations to implement the appropriations without restrictions applicable to other programs.

Permits agencies to supplement State Treasury funds with grants, donations, Federal funds, and unobligated cash income to finance project costs.

Declares an emergency effective July 1, 2011, stating that the appropriation is essential to agency operations and must be funded within a one-year period.