(b) The Power Authority, by its trustees or their delegate, shall not make a final decision to commence, engage in, fund or approve action that has been the subject of a final Federal or a final SEQRA EIS until it has:

1. (1) given consideration to the final EIS;

2. (2) made a written finding that the requirements of this Part have been met and the action is:

   1. (i) consistent with social, economic and other essential considerations among the reasonable alternatives thereto, the action to be carried out or approved is one which minimizes or avoids adverse environmental effects to the maximum extent practicable, including the effects disclosed in the relevant environmental impact statement; and
   2. (ii) consistent with social, economic and other essential considerations, to the maximum extent practicable, adverse environmental effects revealed in the environmental impact statement process will be minimized or avoided by incorporating as conditions to the decision those mitigative measures which were identified as practicable; and
3. (3) prepared a written statement of the facts and conclusions relied upon in the EIS, supporting its decision and indicating the social, economic and other factors and standards which formed the basis of its decision.
4. (4) When the action is in the coastal area within the boundaries of an approved local waterfront revitalization program, and the action is one identified by the Secretary of State pursuant to section 916(1)(a) of the Executive Law, the action must be consistent, to the maximum extent practicable, with the applicable policies of such program.