Upon the request of the president or chief executive officer of a Missouri based business, the department of economic development shall, to the maximum extent practicable, gather information from the business if it is likely to significantly reduce the number of persons employed in a city or county by ceasing to operate, relocating outside of the state, or significantly reducing the number of its active employees. The department of economic development shall:

(1) Develop and suggest alternatives to prevent a significant reduction in the number of persons employed in a city or county or to mitigate the economic effects of such a reduction;

(2) Assist interested parties in determining if employee ownership of a business is feasible and would prevent a significant reduction in the number of employees in a city or county;

(3) Assist in implementing alternatives developed pursuant to subdivisions (1) and (2) of this section;

(4) Gather information from each such business which significantly reduces the number of persons employed in a city or county by ceasing operation, relocating outside of the state, or significantly reducing the number of its active employees. Such information will describe resources, programs, or services, the availability of which would likely have prevented such a reduction in employment.