The council shall establish a transit for livable communities demonstration program fund. The council shall adopt guidelines for selecting and evaluating demonstration projects for funding. The selection guidelines must include provisions evaluating projects:
(1) interrelating development or redevelopment and transit;
(2) interrelating affordable housing and employment growth areas;
(3) helping intensify land use that leads to more compact development or redevelopment;
(4) coordinating school transportation and public transit service;
(5) implementing recommendations of the transit redesign plan; or
(6) otherwise promoting the goals of the Metropolitan Livable Communities Act.