FAYETTEVILLE, Ark. (KNWA/KFTA) — Work is underway to get all cities and counties in Northwest Arkansas to work closer together as the area continues to grow at a rapid pace.
The effort comes on the heels of a new state law called the Industrial Development Authorities Expansion Act.
By forming a “regional” developmental authority, lawmakers plan to create more businesses and streamline efforts.
The Northwest Arkansas Council aims to support growth in local businesses, infrastructure, and job opportunities in the region, which is why it’s asking Benton, Washington, and Madison counties to collaborate on creating a regional industrial development authority.
“So now we’re looking at here in Northwest Arkansas to creating a three-county one. Our three counties are growing. We have a lot of the same shared challenges. And so why not have a one way to collectively work together to resolve them,” director of economic development for the Northwest Arkansas Council, Ron Moloney, said.
This group would help fund real estate and infrastructure projects in the area. Maloney says he’s looking forward to what these three counties can achieve.
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“The way we’re going to do some of these transformational projects is one that we’ll strengthen the deal by the companies that are coming, their finances, their creditworthiness. The other will be grants and other private sector resources. So when we were looking at grants at the federal level, we want to make sure that we’re matching the federal MSA.” Moloney said.
Maloney says that the goal of this development plan is to create a strong, positive impact for the future by exploring new opportunities and planning for the next 20 years to benefit all three countries.
“It’s going to provide as we do these transformational projects and we get clients. So we develop these sites and these buildings and stuff. You’re going to have better job growth opportunities. So more businesses, more opportunity, more resources into the community,” Moloney said.
The authority wouldn’t raise taxes, but instead use industrial revenue bonds, which are paid back by the companies benefiting from the project.
“Many other organizations have worked towards this. The politicians who, like Senator [Tyler] Dees, helped us get the legislation passed, Gov. [Sarah Huckabee] Sanders, who signed it, there’s never been a better time. And so we just really want to capitalize on it right now while we’ve got that national spotlight on,” Moloney said.
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