(a) In implementing this division, the conservancy may award a grant to a for-profit entity to accomplish removal or alteration of the San Clemente Dam if the conservancy finds that the project is of regional or statewide significance and that a grant to a public agency or nonprofit organization would not achieve removal or alteration of the San Clemente Dam.
(b) Notwithstanding subdivision (a), total expenditures of state funds for the removal or alteration of the San Clemente Dam and related activities shall not exceed twenty-five million dollars ($25,000,000).