LITTLE ROCK (AP) -- Gov. Mike Beebe said Monday he'll ask lawmakers to put more money into a fund created to attract new businesses to Arkansas and help existing ones because virtually all of the $50 million originally set aside has been spent or offered to various projects.Beebe said he doesn't know how much money he'll ask for from the Legislature in next year's session for the "quick action closing fund," but said it will be significantly less than $50 million set aside in last year's session. The Arkansas Economic Development Commission said that $25.8 million from the fund has been committed to various projects. But Beebe said that virtually all of the $50 million has been offered in some way to companies.
"It's virtually all used up, if all the projects in the mills, if you will, come into fruition," Beebe told reporters. "Some have been offered as an incentive in commitment, but people haven't yet decided if they're coming. But you don't do it after they decide they're coming. You do it in conjunction with trying to get them here."
The largest share of the fund, $10 million, was offered to help attract Hewlett-Packard Co. to Conway for a project announced last week. The money will go toward a $28 million, 150,000-square-foot building that the Conway Development Corp. is leasing to HP.
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