(a) There is hereby established the Historic Tax Credit Evaluating Committee, which shall review qualifying projects, approve credits for projects, and rank projects in the order in which the projects should receive tax credit reservations based on criteria established by the commission. The commission shall establish a review cycle for the committee beginning on January 1, 2018, provided that the committee shall meet at least quarterly unless no credits remain to be allocated. The Commissioner of Revenue shall be a non-voting member of the committee and provide advisory and technical support. The committee shall consist of the following:

(1) Director of the Governor's Office of Minority Affairs.

(2) The Executive Director of the Alabama Historical Commission.

(3) The Finance Director.

(4) The Director of the Alabama Department of Economic and Community Affairs.

(5) The Secretary of Commerce.

(6) Two members of the Alabama House of Representatives, at least one of which shall be a member of the minority party, to be appointed by the Speaker of the House of Representatives.

(7) Two members of the Alabama Senate, at least one of which shall be a member of the minority party, to be appointed by the President Pro Tem of the Senate.

(b) The Alabama Historical Commission shall promulgate rules that shall set forth guidelines to be utilized by the committee in determining the allocation of credits. The guidelines shall set forth factors to be considered by the committee including: relative value of the proposed project to the particular community, including the maintenance of the historic fabric of the community; possible return on investment for the community in which the proposed project is located; the geographic distribution of projects; and strength of local support for the proposed project. Included in the information to be required for the evaluation of any project shall be any additional tax credits or state, federal, or local government grants that the applicant expects to utilize for the construction of the project.