(1) Any public corporation, after receipt of the department's notice of the ineligibility of an industrial development project, may petition for reconsideration. Such petitions must set forth with particularity the grounds upon which reconsideration is sought.

(2) A petition for reconsideration must be received by the department within fifteen days of when the notice of ineligibility is received by the public corporation.

(3) The timely filing of a petition for reconsideration shall suspend the department's determination of ineligibility until the corporation receives the department's written notification that the petition is denied or that the determination of ineligibility is reversed.

(4) In response to a petition for reconsideration, the department may either (a) deny the same, (b) call for further answer, or (c) reverse its prior determination of ineligibility.