(1) Upon receipt of the staff's recommendation, the council shall determine whether to make a seed capital project loan.

(2) The council shall determine whether the applicant has complied with the act and applicable rules, and whether the project would provide an opportunity for the council to exit the loan with a return as provided by Section 7 of the Act.

(3) All decisions of the council are final and not subject to the contested case provisions of the Administrative Procedure Act.