The commission shall appoint and direct an evaluation panel to commence a review and evaluation process as directed in this section. At a minimum, the evaluation panel must consist of:

(1) Department staff;

(2) An independent representative of a consulting or contracting firm with no interests in the project, whose firm would be precluded from participating in any part of the project;

(3) An observer from the state auditor's office or the joint legislative audit and review committee;

(4) A person appointed by the commission; and

(5) A financial expert.