(a) A local government may apply to the Department for a grant from the Fund to a local economic development fund. (b) In determining whether to approve a grant to a local economic development fund, the Department or Authority shall consider and determine: (1) the average rate of unemployment for the local jurisdiction in comparison to the average rate of unemployment for the State; (2) whether the local government currently administers a local economic development fund; (3) the ability of the local government to leverage private money; (4) the level of financial commitment provided by the local government; and (5) any other factors that the Department or Authority considers relevant.