(a) The Arkansas Economic Development Commission shall:

(1) Review each proposed qualifying project for compliance with the rules promulgated under this chapter;

(2) If a proposed qualifying project complies with the rules promulgated under this chapter, assign the qualifying project to the responsible public entity for purposes of issuing a request for proposals or an invitation for bids; and

(3) After the responsible public entity selects a qualified respondent and upon request of the responsible public entity, assist in the negotiation of an interim agreement or a comprehensive agreement in accordance with this chapter and the rules promulgated under this chapter.

(b) (1) Before execution of an interim agreement or a comprehensive agreement, the responsible public entity shall:

(A) Review, negotiate, and select a qualifying project in accordance with this chapter and the rules promulgated under this chapter; and

(B)

(i) Submit the proposed interim agreement or comprehensive agreement to the Chief Fiscal Officer of the State for approval.

(ii) After completing all of the steps in subdivision (b)(2) of this section, the responsible public entity shall submit a proposed comprehensive agreement to the Governor for approval and authorization to execute the comprehensive agreement.

(2) Before execution of a comprehensive agreement, the responsible public entity shall:

(A) Conduct a public hearing in accordance with the requirements of § 19-9-607;

(B) Satisfy any requirements established by the rules promulgated under this chapter; and

(C) After conducting a public hearing under subdivision (b)(2)(A) of this section and receiving approval of the proposed comprehensive agreement under subdivision (b)(1)(B) of this section, authorize the execution of the comprehensive agreement by order, ordinance, or resolution at a public meeting that complies with § 25-19-106.