(1) The city may only make expenditures from the commercial office development public improvement fund that: (a) Are to construct the public improvement that was identified in the approved application, requesting the property tax reinvestment submitted under RCW 35.107.040 and approved under RCW 35.107.050; (b) Transfer funding to the project applicant to construct the public improvement and transfer ownership of the public improvement to a public agency; and (c) Meet any additional criteria established in an ordinance adopted under RCW 35.107.030. (2) The city and the project applicant must enter into a written agreement outlining the specifics of the public improvement, associated public improvement costs, responsible parties, and any other information required by the city.
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