Effective January 1, 1998, no new public post-secondary educational institution, branch campus or off-campus instructional center shall be created except as specifically created by the legislature. The higher education department shall review any proposal for the establishment of a new public post-secondary educational institution or campus and submit its recommendations to the legislature. In reviewing proposals, the department may consider:
A. provisions for a local mill levy of at least two mills;
B. population base to provide at least five hundred full-time students;
C. whether at least fifty percent of the costs of initial construction comes from private or local sources;
D. governance structure;
E. means for acquisition of property, including purchase, lease, donations or any other means;
F. eligibility and level of funding request of the state; and
G. brokering of extended learning provisions.