The appropriate regional office of the department shall review the preliminary applications, and upon a determination that they are complete and in compliance with the regional economic development strategy, shall forward the preliminary applications with a recommendation and comments to the department's central office for a determination of eligibility and availability of funds. The department shall review the preliminary application in accordance with the evaluation criteria specified in section 60.4 of this Part, and shall approve or disapprove the preliminary applications and so notify the applicants. If the department determines that a preliminary application is inadequate, the applicant shall be so notified and given the opportunity to reapply.