(1) In the implementation of the Kentucky Product Development Initiative, the Kentucky Association for Economic Development shall:
(a) Process the grant applications;
(b) Determine whether a grant applicant is an eligible grant recipient and seeking a grant for an eligible project;
(c) Evaluate the project site cited or proposed by each grant applicant in accordance with the program's evaluation model described in KRS 154.21-035 and based on the criteria recommended by the third-party independent site selection consultant;
(d) Score each grant applicant's project pursuant to the scoring system described in KRS 154.21-040;
(e) Rank the grant applicants:
1. In a manner that prioritizes the greatest return on investment, workforce creation, and relative positive impact on the community; and 2. Based on the project site evaluation and subsequent project score described in KRS 154.21-035 and 154.21-040;
(f) Compile a list of proposed grant recipients whose eligible project demonstrates a high level of investment potential if a grant is made, as revealed by the evaluation, scoring, and ranking process described in this section and KRS 154.21-035 and 154.21-040;
(g) Submit the proposed grant recipients and their prioritization to the cabinet for final selection of the grant recipients;
(h) Provide detailed feedback to all grant applicants after the project site evaluation and project score are completed; and (i) Compile an annual report for the cabinet conveying the following information about the program:
1. A list of all program applicants;
2. The identity of applicants who were not selected for recommendation;
3. Trends found in feedback given to applicants who were not selected for recommendation;
4. Eligible uses of the properties cited in the grant applications; and 5. Any other information requested by the cabinet.
(2) The Kentucky Association for Economic Development shall contract with a third- party independent site selection consultant to assist with the grant applicant site evaluations, scoring, prioritization, and recommendations described in this section and KRS 154.21-035 and 154.21-040.