23-111-305. Construction of racing plant — Issuance of permanent franchise.

23-111-305. Construction of racing plant — Issuance of permanent franchise. (a)(1) If a majority of the qualified electors of the state voting on the question vote for authorizing the Arkansas Racing Commission to grant a franchise to conduct greyhound racing in the county, the corporation holding a temporary franchise, within ninety (90) days following the date of receipt of notification thereof from the commission as provided in § 23-111-304(d), shall acquire a site and commence the construction of buildings and facilities which it proposes to use in conducting greyhound racing meets. (2) Failure of the corporation to acquire the site and commence construction within the ninety-day period shall constitute a forfeit of the temporary franchise. (3) Should any holder of a temporary franchise acquire a site and commence construction within the ninety-day period but fail to complete construction and be open for business within one (1) year next following the end of the ninety-day period, or should the construction not be in substantial compliance with the plans and specifications theretofore filed with, and approved by, the commission, or should the aggregate total of costs of acquisition of a site, construction of buildings and facilities, and purchase of equipment be less than one million dollars ($1,000,000), then the commission shall cancel the temporary franchise, and the cancellation shall constitute a forfeit thereof by the corporation. (4) However, nothing contained in this section shall be construed so as to prohibit mutual agreement on the part of the commission and the corporation to making such changes in the plans and specifications for construction as may be deemed necessary or desirable, but no changes may be agreed to which will have the effect of reducing the total aggregate cost of plant and equipment below one million dollars ($1,000,000). (b) Upon completion of the plant within the time, in the manner, and at the minimum costs provided in subsection (a) of this section and the payment of a franchise fee in the amount of one thousand dollars ($1,000) to the commission by the holder of the temporary franchise, the commission shall issue its franchise in exchange for the temporary franchise held by the corporation. The corporation may then proceed to conduct greyhound racing meets in accordance with the provisions of this chapter or other applicable law, and the franchise shall thereafter be effective in the hands of the corporation unless and until terminated by operation of law, or sooner if terminated by the commission based upon the corporation's failure to comply with applicable greyhound racing laws or by the voluntary forfeiture of the franchise by the franchise holder.