(1) From each year's applications for grants and loans, the Arkansas Natural Resources Commission shall develop a priority list for water resources development projects which ranks each water resources development project in order of its priority.
(2) The priority ranking of water resources development projects shall be based on the following factors: The overall cost of the water resources development project weighted against its potential or predicted benefits;
(3) The potential for the water resources development project to provide economic development in the area; and
(4) The commitment of any state or local government funds to the water resources development project to contribute to the nonfederal interest's share of the cost of the overall water resources development project.