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