To qualify for a grant authorized under § 15-3-404, a business shall:
(1) Have operations within the State of Arkansas that are in one (1) of the six (6) categories of targeted businesses identified in § 15-4-2703(43)(A);
(2) Pay average hourly wages in excess of one hundred ten percent (110%) of the county or state average hourly wage, whichever is less;
(3) Agree to hire a postdoctoral graduate; and
(4) Provide proof that the postdoctoral graduate is an Arkansas taxpayer and a resident of the State of Arkansas.