(1) In order for a city to approve a qualifying project to receive a sales and use tax remittance and participate in a local property tax reinvestment program, the city legislative authority must adopt an ordinance designating a commercial office space development area or areas. In the ordinance, the city legislative authority must:

(a) Outline the boundaries of the commercial office space development area or areas, consistent with the definitions of this chapter;

(b) Find that the area is wholly within an urban center;

(c) Find that the area lacks sufficient available, desirable, high quality, and convenient commercial office space to provide family living wage jobs in the urban center;

(d) Outline standards and guidelines consistent with RCW 35.107.040 to accept and approve applications for qualifying projects to be considered for a local sales and use tax remittance or a property tax reinvestment program; and

(e) Establish a commercial office development public improvement fund in which to deposit property tax reinvestment revenues.

(2) The city legislative authority must hold a public hearing on the ordinance establishing the commercial office space development area or areas. The city legislative authority must give notice of a hearing held under this section by publication of the notice once each week for two consecutive weeks, not less than seven days, nor more than thirty days before the date of the hearing in a paper having a general circulation in the city where the proposed commercial office space development area or areas would be located. The notice must state the time, date, place, and purpose of the hearing and generally identify the area proposed to be designated as a commercial office space development area.