The Council shall: Study and provide analysis regarding standards and factors relevant to the establishment of Coast Smart siting criteria and design criteria; Develop siting and design criteria to establish and implement Coast Smart practices and requirements; Develop eligibility criteria, standards, and procedures for applying for and obtaining a waiver from compliance with the Coast Smart requirements; Establish procedures for evaluating Coast Smart waiver applications that include the consideration of proposed capital projects with regard to: The anticipated need to prepare for, respond to, and recover from extreme weather events, sea level rise inundation, coastal flooding, storm surges, and shoreline erosion; and The need to prevent danger to life and property and to avoid environmental, socio–economic, and economic harm; and Develop eligibility criteria, standards, and procedures for categorical exemptions from the application of the Coast Smart requirements for proposed capital projects that have been designed to include adaptation and resiliency features to prevent or mitigate damage to the maximum extent practicable. The Council may recommend regulations for adoption by the Secretary to carry out the provisions of this subtitle. The chair of the Council may establish subcommittees consisting of members of the Council, experts in fields related to climate change and sea level rise, and interested parties to address or study specific issues.