(1) The cabinet shall have the authority to contract for the provision of any economic development function or service with private firms or public institutions provided that such contracts meet the following conditions:
(a) They are based on competitive requests for proposals;
(b) They incorporate strict performance standards and accountability criteria;
(c) They require periodic audit;
(d) They are subject to regular rebidding; and (e) Where appropriate, they leverage other private and public funds.
(2) Wherever feasible, the cabinet shall contract for the provision of functions and services rather than establishing new governmental structures.