(a) Eligible applicants participating in the Industrial Infrastructure Development Program shall submit quarterly and annual project reports as prescribed by the department which shall contain, but not be limited to, a discussion and analysis of the progress of the eligible project, and such other information as the department deems pertinent to evaluating the status of the project.

(b) Eligible applicants participating in the Industrial Infrastructure Development Program shall submit quarterly and annual financial reports in a form prescribed by the department which shall set forth receipts and expenditures of funds pursuant to the Industrial Infrastructure Development Program.