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(a) After receipt of the criteria set forth in section 1306, the Authority shall certify or deny certification of the proposed project under such procedures as may be established by regulations. In determining certification of the Project, the Authority shall consider the following criteria:
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(1) Whether the project is financially feasible;
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(2) Whether the project would likely result in the increase of tax revenues payable to the Government, specifically with regard to hotel room occupancy tax revenue and casino tax revenues generated from such Projects to be applied to payment of the project funding;
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(3) Whether the development would not happen solely through private investment in the reasonably foreseeable future;
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(4) Whether an allocation, dedication or contribution of the hotel room occupancy tax incremental revenues and casino tax incremental revenues will be sufficient, together with the other moneys available thereof to support payment of the debt obligation and whether the Project’s total anticipated benefit to the Government, including public benefits as well as financial benefits, exceeds the total anticipated costs to the Government; and
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(5) The Authority may establish other criteria by regulations.
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(b) If, upon consideration of the criteria set forth in subsection (a), the Authority decides to certify the Project, the Authority shall finalize an agreement setting the respective obligations of the parties, on such terms and conditions the Authority and the Developer agree upon.
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(c) The agreement referenced in subsection (b) must be approved by the Governor and ratified by the Legislature.
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(d) If the project does not comply with the criteria set forth in subsection (a), the Authority shall so notify the Developer in writing stating the areas the Project fails to meet the required criteria. The Authority shall allow a Developer up to 60 days to cure and comply with any defects.
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(e) Upon approving a Project the Authority may pursuant to regulations require the developer to reimburse the Authority for all or part of the costs of the independent financial assessment conducted in reviewing the application for certification of a proposed Project and any other related costs incurred. The costs may be paid from the proceeds of bonds, Hotel Development Notes or other evidences of indebtedness issued with respect to a Project under conditions prescribed in the regulations promulgated by the Authority.
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(f) The regulations governing the agreement specified in section 1307(b) may provide that the Designated Casino Tax on Gross Revenue and Designated Hotel Room Occupancy Tax payable into the Project’s Hotel Development Trust Fund and securing Hotel Development Notes may be paid directly to the trustee or to the trustee’s collecting agent for the Hotel Development Notes for deposit into the funds and accounts held by the trustee or trustee’s collection agent for the benefit of the noteholders.