A. A vehicle parking facility project financing proposal shall be submitted for approval by the Authority.
B. In order to be eligible for financing by the Authority, a vehicle parking facility project shall satisfy the following requirements:
(1) Be located in a designated priority funding area; and
(2) Generate sufficient revenue to:
(a) Recover all financing costs associated with bond issuance;
(b) Service all debt for each year the debt is outstanding and unpaid; and
(c) Meet the acquisition, construction, maintenance, and operation costs of the vehicle parking facility.