When determining whether a water development project should be approved for compliance with the Arkansas Water Plan, the Director of the Arkansas Natural Resources Commission shall consider the following factors:

1. (1) Purpose of the project;
2. (2) Existing conditions;
3. (3) Benefits expected from the project;
4. (4) General nature of the project;
5. (5) Geographic area to be served by the project;
6. (6) Necessity of project;
7. (7) Feasibility of project;
8. (8) Estimated cost and affordability; and
9. (9) Degree to which the project coordinates regional water resources.