The commission shall, at least annually, review progress on a project covered by an issued certificate of need, and may require a showing by the holder of the certificate of substantial and timely progress to implement the project. If, in the opinion of the executive director, progress is lacking, then the executive director may present a petition for revocation of the certificate of need for the commission’s consideration. The commission may revoke the certificate of need based upon a finding that the holder has not proceeded to implement the project in a timely manner.