The Council may review: any application that a political subdivision in the region makes to a unit of the State or federal government for a loan or grant for a project; and a local plan, proposal for a project, or ordinance that may have an impact outside the boundary of the political subdivision or in the region. Before applying to a unit of the State or federal government for a loan or grant for a project, a political subdivision in the region shall submit the application to the Council for its review. The Council shall forward its findings and determinations to the referring political subdivision and to the appropriate State or federal unit.