(a) The applicant shall:

1. (1) Submit a master plan in the same form as applications for approval of other projects; and
2. (2) Specify a time frame for constructing each phase of the proposed project.

(b) The Arkansas Natural Resources Commission:

1. (1) Shall review the master plan in the same manner as other projects; and
2. (2) May approve the master plan for a period of ten (10) years following the date of the final determination.