(a) For purposes of this section, "center of excellence" means a consortium of two (2) or more institutions of higher education working in collaboration with regional economic developers.

(b) The purpose of the centers of excellence shall be to address the workforce education and training needs for existing, expanding, or attracting new business and industry in each of the economic development regions of the state.

(c)

(1) In order to improve the state's ability to compete in the knowledge-based economy, the Arkansas Higher Education Coordinating Board may create acknowledged centers of excellence.

(2)

(A) Institutions of higher education may submit proposals to the Department of Higher Education to become centers of excellence.

(B) In each proposal for creation of a center of excellence, institutions shall identify the center's:

(i) Technical alignment or academic alignment, or both, to existing or future businesses and industries in the state; and

(ii) Collaboration plan to serve a particular occupation.

(d)

(1) Two (2) representatives of the Department of Higher Education as designated by the Director of the Department of Higher Education, and one (1) representative of the Arkansas Economic Development Commission shall meet as needed to review applications jointly.

(2) The Department of Higher Education and the Arkansas Economic Development Commission shall jointly make a recommendation to the board regarding which institutions shall be acknowledged as centers of excellence in a particular program or field of study based on factors, including, but not limited to:

(A) Number, type, and demand for related jobs;

(B) Quality of related instructional or research programs, or both;

(C) Availability of faculty;

(D) Student accessibility;

(E) Feasibility of expected program cost; and

(F) Research capability.

(e) Final approval of centers of excellence shall be made by the board.

(f) The designation of centers of excellence shall be fully reviewed at least one (1) time every five (5) years.