(a)    To be eligible for financial assistance from the Fund, an applicant shall be:

(1)    a local economic development fund that meets the criteria set forth in Part V of this subtitle; or

(2)    an individual, private business, nonprofit entity, or local government, or the Corporation that intends to use the requested financial assistance for a project that:

(i)    except as provided in subsection (b) of this section, is in an eligible industry sector under § 5–321 of this subtitle; and

(ii)    has a strong potential for expanding or retaining employment opportunities in the State.

(b)    A project need not be in an eligible industry sector if the applicant:

(1)    is located in a Tier I county; or

(2)    (i)    is a local government or the Corporation; and

(ii)    does not intend to use the financial assistance to carry out a project that benefits a particular private sector entity.

(c)    In form and content acceptable to the Department, an applicant for financial assistance from the Fund shall submit to the Department an application that contains:

(1)    the information that the Department or Authority considers necessary to evaluate the request for financial assistance; and

(2)    for a Tier I county project:

(i)    a marketing plan designed to market the project to prospective businesses;

(ii)    a statement of planned marketing expenditures as a percent of the total financial assistance amount requested; and

(iii)    a plan for the project that is consistent with the county’s local strategic economic development plan as to the location and type of project.