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State lawmakers brief Benton County on new Industrial Development Authorities law
Summary
State lawmakers described a recently passed law that expands regional port authorities into broader Industrial Development Authorities (IDAs), saying the tool uses industrial revenue bonds rather than taxes and can help Northwest Arkansas compete for large projects; county members raised questions on board composition, oversight and impacts on local businesses.
State lawmakers and economic-development proponents told the Benton County Committee of the Whole on Dec. 16 that a new state law creating Industrial Development Authorities could give the region new tools for attracting industry, while panel members pressed for clearer local oversight and protections for small businesses.
State Sen. Tyler Deese, who said he sponsored the legislation, told the committee the law modernizes a 1961 framework for regional port authorities so the same financing and planning tools can be used beyond navigable waterways. "This entity would not have taxing authority," Deese said, adding the authorities can issue bonds, apply for grants and assemble…
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