(a) The Executive Director of the Arkansas Economic Development Commission shall establish standards for the making of applications for inducements to eligible companies and their tourism attraction projects by the promulgation of administrative regulations in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

(b) With respect to each eligible company making an application to the executive director for inducements and with respect to the tourism attraction project described in the application, the executive director shall make inquiries and request materials of the applicant that shall include, but shall not be limited to:

(1) Marketing plans for the tourism attraction project that target individuals who are not residents of the state;

(2) A description and location of the tourism attraction project;

(3) Capital and other anticipated expenditures for the tourism attraction project that indicate that the total cost of the tourism attraction project shall exceed five hundred thousand dollars ($500,000) in a high-unemployment county and one million dollars ($1,000,000) in all other counties and the anticipated sources of funding for the tourism attraction project;

(4) The anticipated employment and wages to be paid at the tourism attraction project;

(5) Business plans which indicate the average number of days in a year in which the tourism attraction project will be in operation and open to the public; and

(6) The anticipated revenues and expenses generated by the tourism attraction project.

(c) The Arkansas Economic Development Commission shall analyze the data made available by the eligible company and collect and analyze additional information as is necessary to determine that the tourism attraction project will:

(1) Develop a marketing plan that targets at least twenty-five percent (25%) of its visitors from among persons who are not residents of the state;

(2) Have costs in excess of five hundred thousand dollars ($500,000) in a high-unemployment county and one million dollars ($1,000,000) in all other counties;

(3) Have a significant and positive economic impact on the state considering, among other factors, the extent to which the tourism attraction project will compete directly with existing tourism attractions in the state and the amount by which increased tax revenues from the tourism attraction project will exceed the sales tax credit allowed pursuant to § 15-11-507;

(4) Produce sufficient revenues and public demand to be operating and open to the public on a regular and persistent basis; and

(5) Not adversely affect existing employment in the state.