A reporting agency may accept, reject, or evaluate an unsolicited proposal for a public–private partnership that will assist the reporting agency in implementing its functions in a manner consistent with State policy. A reporting agency shall establish the process for determining whether an unsolicited proposal meets a need of the reporting agency or is otherwise advantageous to the reporting agency. A reporting agency may establish by regulation an application fee for submitting an unsolicited proposal. For an unsolicited proposal that does not address a project already in the State’s Capital Improvement Program or Consolidated Transportation Program planning documents, a reporting agency may require a higher application fee. If a reporting agency determines that an unsolicited proposal meets a need of the reporting agency or is otherwise advantageous to the reporting agency, the reporting agency shall: conduct a competitive solicitation process as described under Subtitle 2 of this title; protect proprietary information included in the unsolicited proposal to the same extent proprietary information is protected under § 10A–203(b) of this title; and comply with all of the other procedural requirements set forth in this title. An individual or firm that has submitted an unsolicited proposal under this title may participate in any subsequent competitive solicitation process.