To qualify for funding under this subchapter, a project must:
(1) be sponsored by a coastal county;
(2) be located within the sponsoring coastal county along or adjacent to the shore of the Gulf of Mexico, an inland bay, or a connecting channel between the Gulf of Mexico and an inland bay;
(3) be accessible by public roads or a common carrier ferry;
(4) be identified and approved for funding by a coastal county and the land office; and
(5) require more than $5 million to complete, as estimated by the land office, unless the project implements a building set-back line established under Section 33.607.