AR SB493

Amends Arkansas Constitution, Article 12, § 5(c)(1) to add "facilities for the retail sale of goods" as a category of economic development projects eligible for county, city, town, and municipal corporation investment.

Expands the definition of "economic development projects" to include retail facilities alongside existing categories such as manufacturing, research and development, recycling, distribution centers, call centers, warehouses, job training, corporate headquarters, and sports complexes.

Declares an emergency, citing that Acts 2019, No. 798 added retail facilities to the Local Job Creation, Job Expansion, and Economic Development Act of 2017 but failed to amend the state constitution, creating a legal discrepancy that prevents municipalities from investing in retail economic development projects.

Makes the act effective immediately upon Governor approval, expiration of the veto period without action, or veto override by the legislature.