A member county or local entity within a member county may submit a proposal for funding under this part. To qualify for funding, a project shall be: a capital infrastructure project that: is linked to economic development in the region, as approved by the Board; and receives 20% matching funds from the member county where the project is located, another local entity, a private business, or a combination thereof; a business development project that: encourages and promotes downtown neighborhood revitalization, small business tourism, or other areas as approved by the Board; and receives 10% matching funds from the member county where the project is located, another local entity, a private business, or a combination thereof; or any other project that the Board determines is appropriate to promote economic development in the region. The Board shall develop criteria to review, evaluate, and rate project proposals for funding under this part. The criteria in subparagraph (i) of this paragraph shall ensure that the project: except as provided in item 2 of this subparagraph, creates or retains at least 25 jobs; creates or retains at least 10 jobs each with wages that exceed 120% of the State minimum wage; or creates significant population growth in the county or municipality in which the project is located, as certified in writing to the Board by the county commissioners for the member county or the municipal government for the municipality in which the project is located. The Board shall choose which projects to award grants and loans to based on the criteria developed in accordance with paragraph (1) of this subsection. The Board or the Executive Director shall distribute grants and loans to projects based on the decisions made by the Board in accordance with subparagraph (i) of this paragraph. The Board or the Executive Director shall monitor and track the progress of each project that receives funding under this part. If the Board determines that sufficient progress is not being made toward achieving the requirements of this section, the Board may reclaim the awarded funds. The funding provided in this section shall be used to supplement and not supplant any funds that would otherwise be provided to the Board or the member counties.