The city may enter into a concomitant or development agreement with the applicant as a condition of the reclassification, and may through that agreement impose development conditions designed to mitigate potential impacts of the reclassification and development pursuant thereto. A development agreement shall be consistent with applicable development regulations. A development agreement may obligate a party to fund or provide services, infrastructure or other facilities. A development agreement shall reserve authority to impose new or different regulations to the extent required by a serious threat to public health and safety. A public hearing shall be required for both the reclassification of land and the development agreement (RCW 36.70B.180, 36.70B.190 and 36.70B.200). (Ord. 1024, 1998).