The General Assembly finds that:(1) There is a public need for the timely acquisition, design, construction, improvement, renovation, expansion, equipping, maintenance, operation, implementation, and installation of public infrastructure and governmental facilities within the state that serve a public purpose;(2) The public need for governmental facilities and public infrastructure may not be satisfied by existing methods of procurement or funding available to the state;(3) There are inadequate resources to develop public infrastructure and government facilities for the benefit of citizens of the state, and there is demonstrated evidence that public-private partnerships can:(A) Promote the timely and cost-efficient development of public infrastructure and governmental facilities;(B) Provide alternative and innovative funding sources to governmental entities; and(C) Allow governmental entities to leverage and supplement the developmental cost of public infrastructure and governmental facilities through private funding and participation by the private sector in governmental incentive and tax programs that are not otherwise available to governmental entities; and(4) It is necessary facilities through private funding and participation by the private sector in governmental incentive and tax programs that are not otherwise available to governmental entities; and(4) It is necessary to authorize the formation of public-private partnerships that may result in the ability to develop private projects for public infrastructure and governmental facilities in a more cost-efficient and timely manner, resulting in increased benefits to the public safety and welfare of the citizens of the state and substantial cost benefits to the governmental entities and the public.Added by Act 2017, No. 813,§ 1, eff. 8/1/2017.
Arkansas Legal Code