(a) After consideration of the application and conclusion of the hearing, the State Board of Finance shall determine whether the facility described in the application is an eligible facility.(b) If the board determines that the facility described in the application is an eligible facility and that the financing of or repayment for such eligible facility through a combination of bonds of the applicant and state assistance under this subchapter is in the best interest of the applicant and the state, the application shall be approved.(c) In determining whether state assistance is in the best interest of the applicant and the state, the board shall consider: (1) The capacity of the applicant to issue bonds to finance the eligible facility;(2) The amount of additional state income tax revenues estimated to be derived from the eligible facility; and(3) The estimated principal and interest requirements for the bonds issued in connection with the eligible facility or amounts necessary to repay the investment by a state agency or political subdivision in the eligible facility.Acts 1993, No. 1165, § 7.