The refund pertains only to project costs incurred and paid after July 1, 2001. The refund pertains only to project costs that were incurred and paid within thirty-six months of the approval of the application required by §§ 49-34A-80 to 49-34A-92, inclusive. No refund may be made unless:
(1) The project costs exceed five hundred thousand dollars; and
(2) The person applying for the refund obtains a permit from the secretary as set forth in § 49-34A-86.