(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.