(b) In applying for credits for retained jobs, it shall be the burden of the applicant to demonstrate, to the satisfaction of the board, in a sworn written statement that the investment for which credit is sought is reasonably necessary:

1. (1) to preserve jobs in existence at the time of the application;
2. (2) to discourage the applicant from relocating to a site outside the State; or
3. (3) to discourage the applicant from ceasing operations or going out of business.

(c) In consideration of the nature of the job incentive program as an incentive measure, the board shall not consider the granting of credit for jobs retained if the application for a certificate of eligibility before the board is received after the start of a project. For purposes of this section, a project shall be deemed to start on the earliest of the following dates:

1. (1) the date local building permits are issued for construction, reconstruction, erection or improvement of a business facility for which eligibility is sought;
2. (2) the date a lease is executed for a business facility for which eligibility is sought; or
3. (3) the date equipment purchased or leased as part of an investment for which eligibility is sought is delivered to a business facility.