Memo
To: Applicants for loans, financing, tax credits, awards and other benefits through the Arkansas Development Finance Authority
From: Jake Bleed, General Counsel
Date: 4/24/25
RE: Policy on Good Standing
____________________________________________________________________________________________
The following policy has been proposed for adoption by the Arkansas Development Finance Authority. Questions, comments or concerns on the adoption of this policy should be sent to Jake Bleed, general counsel of the Arkansas Development Finance Authority, via email to jake.bleed@arkansas.gov or via mail to the following address:
Jake Bleed, General Counsel
Arkansas Development Finance Authority
1 Commerce Way, Suite 602
Little Rock, Arkansas, 72201
Proposed Policy:
“The Authority shall take no action on a request by a third-party entity, including approval of additional loans, grants or provision of additional benefits of any kind, unless and until a finding that the requesting entity or any parties reasonably associated with the requesting entity are in Good Standing with the Authority.
For purposes of the proposed policy, “Good Standing” is defined as:
a) A finding that the requesting entity or any parties reasonably associated with the requesting entity are in full compliance with all outstanding legal and contractual obligations to the Arkansas Development Finance Authority in effect at the time of review; and
b) A determination that the requesting entity or any parties reasonably associated with the requesting entity has paid all fees, payments or other financial obligations owed to the Authority are paid in full at the time of review.
A finding of Good Standing will be made in writing and provided upon request of either the third-party entity or the President of the Authority. Any finding of less than Good Standing will be submitted to the requesting entity in writing and supported by documentation of outstanding obligations owed to the Authority by the requesting entity.
Entities who wish to contest a finding of less-than Good Standing may submit facts supporting their challenge to the Authority. The President of the Authority, with the approval of the Board of the Authority, may waive the requirement of Good Standing upon a finding that the action requested is supported by compelling facts and the requesting entity cannot obtain Good Standing status with reasonable effort.”
