The Department of Corrections may contract with a public or private nonprofit or profit corporation meeting all the following conditions:

1. (a) Availability of a work furlough facility in compliance with standards established by the Department of Corrections.
2. (b) Location of a facility in proximity to geographical areas providing employment opportunities and public transportation services.
3. (c) Cost proposals equal to or less than the per capita amount for housing in a correctional institution, including administrative costs.
4. (d) Criteria for placement that does not differ significantly from the policies of the Department of Corrections.
5. (e) Submission by the agency of operational guidelines that are approved by the Department of Corrections pursuant to its classification manual.
6. (f) Compliance with other requirements deemed appropriate by the Department of Corrections, including, but not limited to, visiting procedures, 24-hour security, and recreation.
7. (g) Efficient fiscal management and financially solvent.