(a) The Department shall adopt regulations to carry out the Program, including: (1) application and review procedures; (2) procedures for adequate public notice of assistance available under the Program; and (3) selection standards that the Panel shall consider in reviewing applications for grants. (b) Selection standards under subsection (a)(3) of this section include: (1) the relative merits of the project or activities within identified statewide needs; (2) the extent to which the appropriate political subdivision contributes to support the project; (3) the potential for the project to stimulate increased tourism, museum attendance, or museum self-sufficiency; and (4) other relevant factors, such as the extent to which the project helps achieve equal geographic distribution of grant assistance throughout the State.