(a) A local government may apply to the Department for a grant from the Fund to a local economic development fund.
(b) In determining whether to approve a grant to a local economic development fund, the Department or Authority shall consider and determine:
(1) the average rate of unemployment for the local jurisdiction in comparison to the average rate of unemployment for the State;
(2) whether the local government currently administers a local economic development fund;
(3) the ability of the local government to leverage private money;
(4) the level of financial commitment provided by the local government; and
(5) any other factors that the Department or Authority considers relevant.