(1) The executive director may make policies as approved by the board that allow the authority to classify a business proposal submitted to the authority by a nongovernmental party as protected under Section 63G-2-305, for as long as is necessary to evaluate the proposal and determine whether to proceed or not proceed.
(2) If, after evaluation of a business proposal, the authority determines not to proceed with the business proposal, the authority:
(a) shall return the business proposal to the nongovernmental party that submitted the business proposal; and
(b) incurs no duties or obligations under Title 63G, Chapter 2, Government Records Access and Management Act, in regard to the business proposal.
(3) The authority shall classify the business proposal pursuant to Title 63G, Chapter 2, Government Records Access and Management Act, if the authority proceeds with the business proposal.
(4) Section 63G-2-403 does not apply in regard to the authority or a business proposal in the possession of the authority during the evaluation period of the business proposal.
(5) Nothing in this section limits the ability of the authority to properly classify a record in the authority's possession as protected pursuant to Section 63G-2-305.