The Administration may provide grants and loans for the acquisition of land and the improvement or rehabilitation of airport facilities at those privately owned airports open to the general public, provided the: Governing body of the county in which the airport is located has granted exemption to the airport owner from county property taxes as authorized by the Tax-Property Article, §8-302, Annotated Code of Maryland; and Airport has been found to be essential in meeting the needs of the public and is included in the Maryland Aviation System Plan developed by the Maryland Department of Transportation. Project grants and loans shall be made as reimbursement for a fixed percentage of eligible project costs, not in excess of that stated in Regulation .03. The award of project grants and loans shall be made subject to the following conditions: Availability of State funds; A written determination by the Administration that the proposed project is prudent, cost effective, timely, and in conformance with acceptable airport design standards; Assurances are obtained from the airport owner and any successive owner or owners that the airport will remain available to serve the public for a period of time commensurate with the useful life of the improvements obtained with the funds; If the airport closes for public use, the airport owner shall be required to reimburse the Administration for the unamortized portion of the funds, as determined by the Administration; The unamortized remaining balance of grants and loans may be secured by the use of recorded liens or bonds and shall be paid to the Administration if the airport closes for public use; A determination by the Administration that the airport owner has sufficient funds to finance, on a timely basis, that portion of the project costs not provided by the State.