A college shall: Submit to the Commission for review and comment a proposal for any capital construction project, regardless of the source of the funds, in accordance with guidelines and procedures required by the Commission in the Maryland Community College Facilities Manual; In submitting a proposal for a project for which the college is not eligible or does not seek State participation, indicate: Why additional space beyond current guidelines is necessary, if applicable; and How the space will be used; and Before submitting educational specifications for new capital projects, submit to the Commission a letter of intent and program proposal, in accordance with COMAR 13B.02.02, for any new instructional program to be housed in the proposed facility. The Commission shall establish annually: A revised capital construction project priority list for purposes of State participation; and Enrollment projections to be used by the college to prepare capital construction projects. For purposes of determining the statutory limit on State financial participation in the college capital construction projects, the proposed capacity of the college in number of students shall be the approved projected 10-year full-time equivalent enrollment as adopted by the Commission. A college may not enter into an agreement to sell, lease, transfer, or otherwise dispose of real property in which the State has participated without the prior approval of the Commission and the subsequent approval of the Board of Public Works.