NE2: Quick-Action Closing Fund Act

[The world will shine with light in our nightmare]

This bill is based on a law that was signed by Arkansas Governor Mike Beebe and adopted by several US states.  In those states, this kind of program is known as a 'deal-closing fund.'  They are often 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 in a similar way that the BNE helps businesses create jobs.  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.

In Arkansas alone, the Quick-Action Closing Fund has assisted more than 26 companies and brought $766.6 million in new business investment to their state, and these investments have created nearly 6,407 jobs with a projected average wage of $20.33 an hour for employees of benefiting companies.  Furthermore, every dollar invested by Arkansas has produced a return of $2.90.

This legislation will give our region the ability to negotiate for the jobs, and employee training, that we absolutely need.  It is my belief that in order for the Northeast Region to be a competitive force in our economy, we must maintain a climate that is friendly to business and attracts them to the region, and the passage of this legislation will make that possible.

[The world will shine with light in our nightmare]

I really hope that the lack of discussion on this bill is a signal that it will easily pass this body.