(1) In making its recommendations to the city and to the President of the University of Oregon, the riverfront research park commission shall conduct research, hold hearings, study, investigate, analyze, and make expert evaluations of proposals, concerning development for the Riverfront Research Park property.

(2) At the joint request of the city and the University of Oregon, the commission shall make recommendations regarding the application of project revenues from tax increment financing and lease income to meet project needs.