(a) must create and maintain at least five net new jobs in an economic transformation area, and must demonstrate that its benefit-cost ratio is at least ten to one; and

(b) must be in compliance with all worker protection and environmental laws and regulations; and

(c) must not owe past due federal or state taxes or local property taxes, unless those taxes are being paid pursuant to an executed payment plan; and

(d) the location of the participant's operations for which it seeks tax benefits must be wholly located within the economic transformation area. 2. A business entity that is primarily operated as a retail business is not eligible to participate in the economic transformation and facility redevelopment program if their application is for any facility or business location that will be primarily used in making retail sales to customers who personally visit such facilities. A business entity that is engaged in offering professional services licensed by the state or by the courts of this state is not eligible to participate in the economic transformation and facility redevelopment program. In addition, a business entity that is or will be principally operated as a real estate holding company or landlord for retail businesses or entities offering professional services licensed by the state or by the courts of this state shall not be eligible to participate in the economic transformation and facility redevelopment program. Provided however that the commissioner may determine that such a business entity described in the preceding three sentences may be eligible to participate at the site of a closed facility if it is pursuant to an adaptive reuse plan for a substantial portion of such facility. 3. Additional eligibility criteria may be developed pursuant to regulations promulgated by the commissioner. The additional eligibility criteria may include, but not be limited to, alignment with any adaptive reuse plan for a closed facility developed by the department. 4. A business entity must continue to satisfy the employment requirements in subdivision one of this section in each year in which it claims the economic transformation and facility redevelopment tax credits. Prior to claiming the economic transformation and facility redevelopment tax credits in the final year of its five year benefit period, a business entity must demonstrate to the commissioner that it has created the jobs and made the qualified investments necessary to meet a benefit-cost ratio of at least ten to one. * NB Repealed December 31, 2021