(A) Eligible organizations shall acquire properties or projects and maintain title and other interest in acquired properties. The Legacy Trust Fund may not hold any interest or title in any parcel of land.

(B) To be eligible to be considered for funds from the Legacy Trust Fund, the recipient entity must:

(1) demonstrate the ability to complete the project and the ability to acquire and maintain the property after the project has been completed;

(2) acquire a full fee title in acquisition of land and property projects unless:

(a) the project results in an easement for a valid conservation and preservation or recreation purpose, in which case the partial title or easement shall be transferred to the recipient entity; or

(b) the project is part of a landowner incentive program for endangered species habitat conservation administered by the Department of Natural Resources;

(3) demonstrate the ability to pay costs associated with developing recreational and public use lands associated with funded projects;

(4) pay costs, if applicable, of renovation or restoration, or both or pay remaining costs of renovation or restoration through public and private funds or both, if funds are provided for renovations or restorations or both, of publicly or privately owned properties considered historic by the Department of Archives and History;

(5) maintain all records on funded projects including, but not limited to, inventory, surveys, costs, contracts, and other natural resources programs which may be eligible for grants from the Legacy Trust Fund; and

(6) maintain all funded properties and projects in good order.