(a) An entity shall not be recognized as a regional economic development partnership under this subchapter unless the board of directors of the entity submits an application and is approved under this section.

(b) An entity applying for approval as a regional economic development partnership shall submit an application to the Arkansas Economic Development Commission that includes the following information:

(1) At least a three-year strategic plan that is consistent with the Governor's Strategic Plan for Economic Development and includes the following:

(A) The proposed activities of the regional economic development partnership; and

(B)

(i) A budget for the next calendar year.

(ii) The budget should clearly identify the proposed expenditures for which the grant funds are requested;

(2) Proof of organization;

(3) A copy of the entity's:

(A) Governing documents approved by the entity's governing board;

(B) Bylaws; or

(C) Articles of incorporation;

(4) A map of the economic development region and the population served by the regional economic development partnership based on the latest decennial census;

(5) The identity of each public organization and private organization within the economic development region that is active in economic development and a description of the role each organization will undertake in the regional economic development partnership;

(6) A list of the current members of the board of directors and the entity each member represents; and

(7) (A) (i) Evidence of:

(a) The staff dedicated to the regional economic development partnership; or

(b) The staff dedicated to program management of the regional economic development partnership.

(ii) The staff identified under subdivision (b)(7)(A)(i) of this section may be employed by an entity other than the regional economic development partnership.

(B) The primary responsibility of the staff members described in subdivision (b)(7)(A) of this section is to:

(i) Market and promote the economic development region to site selectors and business prospects; and

(ii) Accomplish the goals and objectives of the strategic plan required under subdivision (b)(1) of this section.

(c) The commission shall review each application submitted under this section and shall certify that:

(1) The applicant satisfies the requirements of § 15-4-3404; and

(2) The application submitted under this section includes the information required under subsection (b) of this section.

(d) The commission shall notify unsuccessful applicants in writing of the deficiencies of the applicant.