5. The commissioner shall evaluate an application submitted by a proposed choice district according to the following criteria:
a. the fiscal impact on the district;
b. the quality and variety of academic programs offered within the district;
c. the potential effectiveness of the student application process and of the admissions criteria utilized;
d. the impact on student population diversity in the district; and
e. the degree to which the program will promote or reduce educational quality in the choice district and the sending districts.