An event is eligible for funding under this chapter only if:
(1) a site selection organization, after considering through a highly competitive selection process one or more sites not in this state, selects a site in this state for the event to be held:
(A) one time; or
(B) if the event is scheduled under an event contract or event support contract to be held each year for a period of years, one time in each year;
(2) a site selection organization selects a site in this state as:
(A) the sole site for the event; or
(B) the sole site for the event in a region composed of this state and one or more adjoining states; and
(3) the event is held not more than one time in any year in this state or an adjoining state.