(a) As requested by the conversion public charter school applicant, the authorizer:

1. (1) Shall review the application for conversion public charter school status; and

2. (2) May approve any application that:

   1. (A) Provides a plan for:

(i) Improvement at the school level for improving student learning; and

1. (ii) Meeting or exceeding the state education goals;

   1. (B) Includes:

      1. (i) A set of performance-based objectives and student achievement objectives for the term of the charter; and
      2. (ii) The means for measuring those objectives on at least a yearly basis;
   2. (C) Includes a proposal to directly and substantially involve the parents of students to be enrolled in the conversion public charter school, as well as the licensed employees and the broader community, in the process of carrying out the terms of the charter; and
   3. (D) Includes an agreement to provide a yearly report to parents, the community, the local school board, and the authorizer that indicates the progress made by the conversion public charter school in meeting the performance objectives during the previous year.