(1) "Accredited institution of higher education" means a four-year public college or university that offers bachelor's degrees and is recognized by the Department of Higher Education for credit;

(2) "Construct" means to acquire or build, in whole or in part, in the manner and by the method, including contracting for the acquisition or building, and if the latter, by negotiation or bids upon the terms and pursuant to the advertising, as the research park authority shall determine to be in the public interest and necessary under the circumstances existing at the time to accomplish the purposes of and authorities under this chapter;

(3) "County" means any county in this state;

(4)

(A) "Development" means the translation of research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or use.

(B) "Development" includes the conceptual formulation, design, and testing of all forms of software content, product alternatives, construction of prototypes, and operation of pilot plants;

(5) "Equip" means to install or place on or in any building or structure, equipment of any and every kind, whether or not affixed, including without limitation:

(A) Air conditioning equipment;

(B) Building service equipment;

(C) Fixtures;

(D) Furnishings;

(E) Furniture;

(F) Heating equipment;

(G) Machinery; and

(H) Personal property of every kind;

(6) "Facilities" means any real property, personal property, or mixed property of any kind that can be used or that will be useful to accomplish the purposes of this chapter, including without limitation:

(A) Equipment;

(B) Fixtures;

(C) Furnishings;

(D) Furniture;

(E) Instrumentalities;

(F) Machinery;

(G) Materials;

(H) Rights-of-way;

(I) Roads and streets;

(J) Utilities; and

(K) Other real, personal, or mixed property;

(7) "Governing body" means:

(A) For a municipality, the city council or board of directors;

(B) For a county, the quorum court;

(C) For an institution of higher education, the board of trustees;

(D) For a state agency, the Governor; and

(E) For a research institute or center, the board of directors of the 501(c)(3) or 501(c)(6) entity;

(8) "Lease" means to lease for rental, for periods, and upon terms and conditions the research park authority shall determine, including without limitation:

(A) The granting of renewal or extension options upon terms and conditions the authority shall determine; and

(B) The granting of purchase options at prices and upon terms the authority shall determine;

(9) "Municipality" means a city of the first class, a city of the second class, or an incorporated town;

(10) "Person" means any natural person, partnership, corporation, association, limited liability company, organization, business trust, foundation, trust, and public or private person;

(11) "Research" means planned research or critical investigation aimed at the discovery of new knowledge to create a new product or service or a new process or technique or to bring about a significant improvement in an existing product or process;

(12) "Research institute or center" means a nonprofit or government-owned or operated organization that has a presence in Arkansas and is involved with performing research for processes, products, techniques, or services;

(13) "Research park" means an area of a municipality or county with defined boundaries that is the site of one (1) or more buildings housing persons that are engaged in research and development projects under this chapter;

(14) "Research park authority" means a public entity created under this chapter to provide facilities and support for businesses engaged in research and development in pursuit of economic development opportunities;

(15)

(A) "Sell" means to sell for a price, in a manner, and upon terms the authority determines, including without limitation private or public sale.

(B)

(i) If the sale is public, the authority shall advertise the sale and shall determine whether the sale shall be for cash or credit payable in lump sum or in installments over a period the authority shall determine.

(ii) If the sale is for credit, the authority shall determine whether the credit shall be with or without interest and at what rate; and

(16) "State" means the State of Arkansas.