(a) The board shall review the applications for economic development power received and shall determine which applications meeting the applicable requirements best meet the applicable criteria set forth in this Part.

(b) Those applications chosen by the board as best meeting such criteria shall be recommended to the Power Authority of the State of New York with such terms and conditions as the board deems appropriate, and in each case shall include the recommendation that such contract include provisions providing for the partial or complete withdrawal of the economic development power if (1) the proposed recipient fails to maintain mutually agreed levels of employment and power utilization, or (2) in the case of bulk power allocations, the applicant has failed to enter into the required contracts in the specified time period.

(c) At least 50 percent of the economic development power available for allocation shall be recommended for allocation to applicants within the geographic areas served by Long Island Lighting Company, Consolidated Edison Company of New York, Inc., Orange and Rockland Utilities, Incorporated, Central Hudson Gas and Electric Corporation, and that part of Westchester, Putnam and Dutchess Counties served by New York State Electric and Gas Corporation.

(d) No more than 50 percent of the available economic development power shall be recommended for allocation to applicants located within a single municipality, except upon the unanimous recommendation of the board.

(e) An economic development power allocation may be recommended for the purpose of job retention relating to a business located in a city having a population of one million persons or more and in the counties of Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester, only if there is unanimous approval of the board.