53B-17-504 - Powers of university as related to research park. - Utah Statutes

53B-17-504. Powers of university as related to research park.
The University of Utah has the following powers:
(1) to establish, acquire, develop, maintain, and operate a research park, including theacquisition of all necessary or suitable buildings, facilities, and improvements, and to acquire,purchase, construct, reconstruct, improve, remodel, add to, extend, maintain, equip, and furnishthe research park or any building or facility, including research and service facilities and areasintended for the common use of the research park tenants;
(2) to form nonprofit corporations or foundations to aid and assist the University of Utahto attain its charitable, scientific, literary, and educational objectives, including the acquisition,construction, financing, operation, and management of a research park;
(3) to lease to the nonprofit corporation or foundation all or part of the land and facilitiesincluded in the research park upon terms and conditions established by the University of Utah,and to enter into any other contract or agreement with the nonprofit corporation or foundation asnecessary for the construction, financing, operation, and management of the research park;
(4) to lease, either directly or through a nonprofit corporation or foundation, to anyperson, firm, partnership, or corporation engaged in business for a profit any part or all of theland, buildings, or facilities of the research park under guidelines established by the university;
(5) to allow a lessee to acquire or construct necessary or suitable buildings, facilities, andimprovements upon the leased property. Any improvements acquired or constructed upon thepremises during the term of the lease reverts to and becomes the property of the university at thetermination of the lease, its renewal, or extension; and
(6) to finance all or part of the cost of the research park including the purchase,construction, reconstruction, improvement, remodeling, addition to, extension, maintenance,equipment, and furnishing as permitted by law for the financing of self-liquidating projects byinstitutions of higher education.

Enacted by Chapter 167, 1987 General Session