The Mayor shall approve any job growth tax credits allowed by § 47-1807.52 if, during a credit period, a project shall:
(1) Bring a net job growth of at least 10 new jobs to the District of Columbia with an average yearly wage of at least 120% of the average yearly wage of residents of the District of Columbia;
(2) Increase income tax and payroll revenue for the District of Columbia;
(3) Result in the retention of any new positions proposed by the project for at least one year; and
(4) Be approved by the Mayor only if the project would not occur but for the job growth tax credit.