(a) General rule.--To be eligible for assistance under this act, a private company or private developer must meet the conditions set forth in this section to the satisfaction of the department.

(b) Job creation.--The private company must create or the private developer must cause to be created within five years from the date of the completion of the project:

(b.1) Job retention.--The private company shall retain or the private developer shall cause to be retained for a period of five years the number of full-time jobs that were in existence at the time of the loan.

(c) Private investment.--The private company or private developer must contribute to the project $2 of private match for every $1 of assistance provided under this act.

(d) Project need.--The private company or private developer must demonstrate that the infrastructure improvements are necessary for the efficient and cost-effective operation of the private company or the successful marketing of the facility by a private developer and that the project would not be possible without the injection of funds provided under this act for infrastructure improvements.

(e) Adequate security.--The applicant, private company or private developer must provide adequate security to cover the cost of the grant-to-loan or loan, as determined by the department.

(f) Financial soundness.--The private company or private developer must be financially sound and able to fulfill the commitments made in its letter of intent.

(g) Time frame.--The private company or private developer must demonstrate that the project will be completed within the time frame established by program guidelines.

(h) Consistency with ordinances.--The private company or private developer must demonstrate that the project is consistent with local zoning and subdivision ordinances and regional economic development plans where such ordinances and plans exist.

(i) Other requirements.--Such other eligibility requirements as may be determined by the department.