The commerce corporation‘s approval of reimbursement to the qualifying or hope communities may be made in accordance with or conditional upon the conditions set forth under § 44-3-9 and other guidelines, criteria, and priorities that may be adopted by the commerce corporation. In order to distribute funds under the chapter, the commerce corporation shall enter into an agreement with the community setting forth the terms of the reimbursements subject hereto. The commerce corporation may require communities to provide reports and documentation regarding any reimbursements provided under this chapter.