Ark. Code Ann. § 14-174-106

To secure, develop, preserve, and maintain the local economy, local governments are authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, or otherwise deal in or dispose of any facility. For the purposes of this section, “facility” means land, interests in land, buildings, furnishings, machinery, equipment, or related improvements necessary or useful for the securing, developing, preserving, or maintaining of economic activity within or near the municipality or county.