(1) A pilot school renewal application shall be submitted to the state board no later than six months before the expiration of the original contract and shall contain:

(a) A report on the progress of the pilot school in achieving the goals, objectives, student performance standards, content standards, and other terms of the initial approved pilot school application;

(b) A financial statement in a format determined by the state board that discloses the costs of administration, instruction, and other spending categories for the pilot school for each of the years of the contract. Such a statement shall be understandable to the general public and should allow comparison of such costs to other schools or other comparable organizations.

(c) A report on the population of the pilot school that discloses the following:

(I) The ethnic, racial, and gender composition of the school and the ages of the students who have attended the school since its inception;

(II) Disciplinary records of the students, including the dates, reasons, and background for each disciplinary incident;

(III) Records of student contacts with the juvenile or criminal justice systems;

(IV) Data on the dropout or graduation rates of the students;

(V) Information on the attendance of the students; and

(VI) Information on the success of the school in educating expelled students.

(2) A pilot school may be closed or a renewal application may be denied by the state board if the state board determines that the pilot school:

(a) Committed a material violation of any of the conditions, standards, or procedures set forth in the application;

(b) Failed to meet or make reasonable progress toward achievement of the content standards or pupil performance standards identified in the pilot application;

(c) Failed to meet generally accepted standards of fiscal management; or

(d) Violated any provision of law from which the pilot school was not specifically exempted.

(3) A decision by the state board to close a pilot school or not to renew a pilot school application is subject to judicial review pursuant to the provisions of the "State Administrative Procedure Act".