Beginning September 1, 2013, and continuing every five years thereafter, the joint legislative audit and review committee shall submit a report to the appropriate committees of the legislature.

(1) The report shall, at a minimum, evaluate the effectiveness of the local infrastructure financing tool program, including a project-by-project review. The report shall evaluate the project's interim results based on the selection criteria. The report shall also measure:

(a) Employment changes in the revenue development area;

(b) Property tax changes in the revenue development area;

(c) Sales and use tax changes in the revenue development area;

(d) Property value changes in the revenue development area; and

(e) Changes in housing and existing commercial activities based on the impact analysis and mitigation plan required in RCW 39.102.080(2).

(2) The report that is due September 1, 2028, should also include any recommendations regarding whether or not the program should be expanded statewide and what impact the expansion would have on economic development in Washington.