(b) To the extent an applicant believes that information in an application is confidential or otherwise exempt under the Freedom of Information Act of 1967, Arkansas Code § 25-19-101 et seq., the applicant shall specifically designate in writing the:

1. (1) Information the applicant believes to be confidential or exempt; and
2. (2) Basis for the confidentiality or exemption on that portion of the application in which the information appears.