Linda Tyler has been, and will continue to be, a strong supporter of the Quick Action Closing Fund. This fund has helped more than 26 companies and brought $766.6 million in new business investment to the state. These investments have created nearly 6,407 jobs with a projected average wage of $20.33 an hour. Every dollar invested by the state has produced a return of $2.90. Specifically the fund invested nearly $10 million in incentives for Hewlett Packard in Conway. Other large employers that have benefited from this initiative are LM Glasfiber, Daasault/Falcon, Windstream and Welspun in Little Rock, Schulze and Burch in Searcy, Molex in Maumelle and Cooper Tire in Texarkana.
The Quick Action Closing Fund, known in several states as a ‘deal closing fund’, is an economic development tool used by states to help attract and create business investments and jobs. The fund is used when there is serious competition from another state in the final stages of a project, and is typically financed from state revenues appropriated by the legislature. Grants and incentives that are provided from funds are used for onsite (equipment and facilities) and offsite (infrastructure) expenses. This kind of fund is a prime example of a public-private partnership that takes advantage of the efficiencies of private industries and governmental economic development agencies. It also fosters collaboration between federal, state and local economic development initiatives and programs.
The Economic Development Incentive Quick Action Closing Fund is used by the Arkansas Economic Development Commission and the Governor to provide investment incentives that allow Arkansas to compete with other states when attracting new business and economic development or to retain existing businesses 19 other states have similar quick action closing funds. The Texas Enterprise Fund is the largest in the country, and the most aggressive. Since its inception, the Texas Fund It has given out more than $441.7 million.
Arkansas’ fund received $50 million each in the 86th and 87th General Assemblies. The 2011 report from the AEDC indicated a balance of $23.7 million and requested an increase in the size of the fund. As a senator during the 2013 session of the state legislature, Linda Tyler will continue to fight to renew funding of the Quick Action Closing Fund that has proven to be a vital component for the economic development in District 35 and the State of Arkansas.
Strongly support the Economic Development Incentive Quick Action Closing Fund used by the Arkansas Economic Development Commission and the Governor to provide investment incentives to attract new business and economic development, or to retain existing businesses. The fund has helped more than 26 companies and brought $766.6 million in new business investment to the state. Hewlett Packard in Conway is a great example of how this fund can be utilized to create good jobs.
As a senator during the 2013 session of the General Assembly, Linda Tyler will vote to renew funding of the Quick Action Closing Fund.