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(a) All applications for state assistance under this subchapter shall be in writing and shall describe:
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(1) The eligible facility;
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(2) The financing thereof;
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(3) The estimated number of people to be employed at the eligible facility;
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(4) The estimated additional state income tax revenues to be derived as a result of the expenditures;
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(5) The expected expense, if any, to the state; and
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(6) Any other matters prescribed by the State Board of Finance.
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(b) Upon receipt of an application for state assistance, the board shall proceed promptly to review it and shall notify the applicant of any additional information needed for a proper evaluation of the application.