(a) The Executive Director of the Arkansas Economic Development Commission shall establish standards for final approval of 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) The Executive Director of the Arkansas Economic Development Commission shall obtain the review and advice of the Director of the Department of Parks and Tourism prior to designating an entity as an approved company eligible for the tourism incentive.

(c) The Executive Director of the Arkansas Economic Development Commission may give approval by designating an eligible company as an approved company and authorizing the undertaking of the tourism attraction project.

(d) The Executive Director of the Arkansas Economic Development Commission shall review the information that has been made available to the Executive Director of the Arkansas Economic Development Commission in order to determine whether the tourism attraction project will further the purposes of this subchapter.

(e) The criteria for final approval of eligible companies and tourism attraction projects shall include, but shall not be limited to, the criteria set forth in § 15-11-504(c).

(f) After a review of the relevant materials, other information made available to the Executive Director of the Arkansas Economic Development Commission, the completion of other inquiries, and the review and advice of the Director of the Department of Parks and Tourism, the Executive Director of the Arkansas Economic Development Commission may give final approval to the eligible company's application for a tourism attraction project and may grant the approval to the eligible company in the form of a financial incentive agreement.