In passing on an application from a political subdivision for financial assistance for flood control purposes, the board shall consider:
(1) the needs of the area to be served by the project and the benefit of the project to the area in relation to the needs of other areas requiring state assistance in any manner and the benefits of those projects to the other areas;
(2) the availability of revenue to the political subdivision, from all sources, for the ultimate repayment of the cost of the project, including interest;
(3) the capacity of the watershed to accommodate stormwater runoff;
(4) the impact of the project on watershed capacity along the entire watershed and the degree to which that capacity was considered in planning the project;
(5) whether the project will increase or decrease the volume or rate of stormwater runoff into any channel in the watershed;
(6) the effect of the project on surface water elevations within the watershed and any downstream watershed;
(7) the relationship of the project to any floodplain management plan for the watershed; and
(8) whether adequate consideration was given to the effects of the project with regard to erosion and sediment control.