Each applicant for funding shall, in addition to meeting eligibility requirements established by rule, provide the corporation with documentation of each of the following:
(1) Its ability to secure title to a facility or lease a facility, to be located in northeast Louisiana, with the intent to secure title and to transform the facility into a small business incubator at a specified cost.
(2) Its ability to provide access to business development services for tenants of the small business incubator, including but not limited to financial assistance, management and marketing services, and physical services.
(3) Its ability to manage and operate the small business incubator and to accept and terminate tenants in accordance with the guidelines established by the corporation.
(4) Its ability to project sustained use for the small business incubator.