(a) the region to be served is a portion of the rural area of the state which is in need of revitalization and can benefit from a program carried out by one or more locally based groups.

(b) the applicant organization, or any predecessor organization, has had appropriate experience in community preservation activities; that it has, or shows that it can acquire, the capability and expertise to undertake successfully the proposed project; and that it is managed and directed by persons representative of the region within which it operates.

(c) the project or projects, alone or in combination with other proposed activities of the applicant or others, will be likely to contribute in a significant way towards the revitalization and general community renewal of the region. 3. Each contract pursuant to this section shall provide for payment by the corporation for the activities to be carried out pursuant to the contract. Such payment shall be based on the projected costs of such activities and the other sources of funding which may be available to the applicant (including, if applicable, funding pursuant to article seventeen of this chapter) from any source. Up to ten percent of the program or project cost may be used for the qualified applicant's operating expenses including expenses related to organization operating support and administration of the contract. The total state payment pursuant to any one contract shall not exceed two hundred thousand dollars. 4. The contract shall provide for completion of the project within a reasonable period, as specified therein, which shall not in any event exceed two years from its commencement. 5. For any application for such a contract under this article, the corporation shall provide the applicant with a list of conditions that must be met prior to entering into a contract pursuant to this article. Within fifteen working days of receipt by the corporation of all documents in satisfaction of the list, the corporation shall notify the applicant of the sufficiency or insufficiency of the documents. After satisfaction by the applicant of all conditions required by the corporation prior to entering into a contract the corporation shall enter into the contract within forty-five working days of satisfaction of such conditions.