(b) The corporation is required to make project findings under the UDC Act. Assistance will be predicated upon the ability of the corporation to make such findings, as well as upon a determination of the directors of the corporation that:

1. (1) the project will create or preserve a substantial number of jobs;
2. (2) the project will assist in the expansion or retention of a business located in the State or the attraction of a business to the State;
3. (3) the proposed assistance is consistent with the purposes of the program; and
4. (4) the area in which the project is to be located is a substandard or insanitary area, or is in danger of becoming a substandard or insanitary area, wherein there exists a condition of substantial and persistent unemployment or underemployment.