An Applicant shall be eligible to receive a Cranberry Bog Renovation Tax Credit only if such Applicant demonstrates in its application that it:

1. (a) is a Taxpayer Primarily Engaged in Cranberry Production; and
2. (b) owns the property upon which the Qualified Renovations will be implemented or has a leasehold interest in such property, as indicated by a lease agreement or other legal authorization to engage in commercial cranberry production and Qualified Renovations on such property for not less than three years beyond the calendar year for which a tax credit is sought.