(a) A regional economic development partnership shall satisfy the following requirements:

(1) The economic development region includes the active participation of at least two (2) contiguous counties;

(2) The economic development region is of adequate size in population to:

(A) Effectively undertake economic development activities while remaining a distinct and viable region for attracting new investment; and

(B) Generate adequate regional resources to provide matching funds; and

(3) The economic development region is economically integrated as determined by:

(A) Commuting patterns;

(B) Economic base;

(C) Major employers;

(D) Membership in a defined metropolitan or micropolitan statistical area; or

(E) Other indicators determined by the Arkansas Economic Development Commission.

(b)

(1) After a regional economic development partnership has been formed, a county may elect to join the regional economic development partnership by adopting an ordinance to that effect.

(2) However, a county that adopts an ordinance under subdivision (b)(1) of this section shall become a member of the regional economic development partnership only upon a majority vote of the members of the board of directors of the regional economic development partnership that are residents of Arkansas.

(c)

(1) A regional economic development partnership formed on or after January 1, 2013, shall be governed by a board of directors that shall operate, manage, and control the regional economic development partnership in all respects.

(2) If a regional economic development partnership is formed on or after January 1, 2013:

(A) The board of directors shall contain at least one (1) representative from each county that is a member of the regional economic development partnership;

(B) The governing body of each county that is a member of the regional economic development partnership shall appoint members of the board of directors; and

(C) A person appointed to the board of directors may be a representative of either a public entity or a private entity.

(3) Each member of the board of directors shall serve for a term as provided under the bylaws of the regional economic development partnership.

(4) The commission may allow an existing entity that applies to be a regional economic development partnership to maintain the entity's existing rules regarding the membership, terms, and duties of the board of directors.

(5) If a regional economic development partnership includes a territory located in another state, regional funding provided under this subchapter shall only be provided to a county in Arkansas.