77-1-903. Authority of board to determine development. The board shall determine how the development of state trust land for commercial purposes is to proceed before any state trust land is offered for lease. In making this determination, the board may consider the following factors:

(1) the purpose of any development or development plan;

(2) the allocation and location of specific uses of the land, including residential, commercial, industrial, recreational, or other appropriate uses;

(3) the densities and intensities of designated land uses;

(4) the timing and rate of development; and

(5) the timely delivery of adequate facilities and services, including water, wastewater collection and treatment systems, parks and public recreational facilities, drainage facilities, school sites, roads, and transportation facilities.