(a) A lodging facility may qualify as a tourism attraction project, as defined in § 15-11-503, entitled to the benefits of this subchapter even though the lodging costs represent one hundred percent (100%) of the total tourism attraction project costs, provided the approved costs for the lodging facility exceed five million dollars ($5,000,000), and:

(1) The lodging facility is attached to a convention center containing a minimum of seventy-five thousand square feet (75,000 sq. ft.); or

(2)

(A) The lodging facility contains a minimum of twelve thousand square feet (12,000 sq. ft.) of meeting or exhibit space.

(B) The benefits provided by this subchapter shall not be available to a lodging facility with approved costs exceeding five million dollars ($5,000,000) and containing a minimum of twelve thousand square feet (12,000 sq. ft.) of meeting or exhibit space unless the Executive Director of the Arkansas Economic Development Commission designates the lodging facility as an approved company and authorizes the undertaking of the tourism attraction project prior to April 1, 2011.

(b)

(1) A lodging facility qualifying as a tourism attraction project under this section shall be entitled to the sales tax benefits as provided in § 15-11-507(b)(1)(A), provided that all other requirements of this subchapter regarding tourism attraction projects are satisfied.

(2) The sales tax credit shall be available only against the increased state sales tax liability for the tourism attraction project.