(1) Upon receipt of an application, the committee shall review the application to determine whether the project is to be recommended to the council as an eligible project. The committee shall hold public hearings and receive oral and written testimony concerning the project. In reaching its determination, the committee may require such additional information from the applicant as the committee deems necessary.

(2) After reviewing an application, the committee shall approve, approve with conditions or deny the application. In making its determination, the committee shall make findings that the project meets the standards described in paragraph (1) of section 2.1120 of this code and shall also consider the factors described in paragraph (2) of section 2.1120 of this code.