Establishment of Annual State Priority List for Capital Projects. Before May 1, 1984 and before the first of May each year after that, each participating subdivision shall submit applications, in priority order, for capital projects which are included in approved flood management plans to the Department. Upon review and evaluation of the submitted capital projects, an annual State priority list for capital projects shall be adopted by the Department. This list will be the basis for grants to the subdivisions and will specify the Department's share of the eligible project cost. Adoption of the Annual Priority List. Before adopting the annual State priority list, the Department shall notify the affected subdivisions of its intended action and afford reasonable opportunity for comment. The approval of a flood management plan does not determine the position of a capital project on the priority list. Criteria for Priorities. The purpose of ranking the individual capital projects in the State priority list is to ensure the greatest benefits from the investment of public money. The ranking will be based on the type of capital project, flood history, and cost effectiveness and implementation schedule of the flood management plan. The types of capital projects which will be preferred shall: Be permanent solutions to existing flood hazards and not require continuing operation, maintenance, or repair; and Minimize environmental impacts. Flood history will consider the: Magnitude and frequency of past flood events; Damages resulting from past flood events; and Danger to public health and welfare. The cost effectiveness will consider the: Cost of the capital project and total cost of the flood management plan; Direct damages prevented; Indirect costs prevented such as work closings, environmental damage, or personal inconvenience; Benefits created such as recreational opportunities, open space, ecological enhancement, hydrologic improvements, water quality improvements, or water supply; and Life of the project and possibility of future expenditures such as maintenance, repair, or replacement. All land acquired shall be dedicated to open space or recreation. These regulations establish procedures for the implementation of the Maryland Flood Management Grant Program and are not intended to create procedural or substantive rights in any person except the Department.