The urban infrastructure commission shall develop an action plan to create and finance an urban renaissance fund. The plan shall include, but not be limited to:

(a)  The financial and administrative mechanisms necessary to support and spur private-sector investments in urban communities, with public funds directly linked to private-sector economic development initiatives;

(b)  The methods available to use the urban renaissance fund to provide municipalities and redevelopment agencies access to seed capital to improve urban infrastructure and leverage private investments, as well as assist communities in upgrading and reinvesting in existing urban infrastructure (e.g. utilities, roads, sidewalks, sewers), arresting blight and decay, enhancing municipal tax bases, and positioning urban communities to attract and retain employers;

(c)  Eligibility requirements, standards, terms and conditions necessary for eligible cities and towns to receive financial assistance in economic development activities through the urban renaissance fund;

(d)  Rules and regulations to address state certified comprehensive land use plans, capital development plans and operating funds for maintenance of the assets;

(e)  The criteria and process for selecting and approving projects;

(f)  A process to monitor and evaluate the state’s investments through the urban renaissance fund; and

(g)  Alternative funding options to capitalize the fund for these purposes.