After a local sponsor application is filed with the commission, the chief clerk shall issue a notice of public hearing to be published by the applicant or his agent in a newspaper having general circulation in that section of the state where the project is proposed to be located. After notice, the commission shall hold a public hearing to consider applications for local sponsor designations. Any interested party may appear and be heard for or against an applicant being designated as local sponsor of a project. After notice and hearing, the commission shall grant or reject the application and shall state its reasons. The commission may designate co-sponsors for the project, or it may grant one application and deny others.