The contracting method set forth in this chapter may be used only when the president of the university finds that all of the following criteria are met:

(1) The buildings or improvements involved are part of the university's intercollegiate athletics facilities, include renovations to Husky Stadium, and have a total project cost in excess of one hundred million dollars;

(2) The design or construction of the building or improvement or its construction schedule may be directly impacted by large construction projects being planned or constructed by other agencies or private developers;

(3) Postponing the building or improvement or delaying it through the use of other contracting methods is likely to have a significant adverse effect on the operation, mission, or financial interests of the university; and

(4) The building or improvement may benefit from a contracting method that integrates services including but not limited to a developer, designer, construction manager and contractor being on the same team and working collaboratively.

A finding by the university president that a project meets all of the above criteria shall be subject to review by the University of Washington board of regents at their discretion.