(a) Subject to the approval of the Corporation, the Authority shall obtain the services of an independent third party to:
(1) establish application procedures for an entity to be certified as a venture firm; and
(2) review and evaluate applications for venture firm certification under this section.
(b) The independent third party selected by the Authority shall:
(1) review and evaluate the application, organizational documents, and business history of each applicant;
(2) evaluate whether the applicant is likely to achieve the investment criteria set forth in this subtitle; and
(3) recommend to the Authority which venture firms should receive allocations of designated capital under the Program.
(c) (1) On receiving the recommendations of the independent third party selected under subsection (a) of this section and subject to § 10–488 of this subtitle, the Authority shall select venture firms to receive allocations of designated capital that are consistent with the investment criteria set forth in this subtitle.
(2) The Authority shall ensure that the venture firms receiving designated capital for investment under this subtitle make investments in the State that equal or exceed the amount of designated capital received under this subtitle.
(3) Subject to the approval of the Corporation, the Authority may enter into written agreements, including partnership agreements and side agreements, that are necessary to carry out the purposes of this part.