10C.6 - EXISTING LIFE SCIENCE ENTERPRISES.
10C.6 EXISTING LIFE SCIENCE ENTERPRISES.
This section applies on and after July 1, 2004.
1. a. A life science enterprise may acquire or hold
agricultural land, notwithstanding section 10C.5, Code 2007, if all
of the following apply:
(1) The life science enterprise acquires the agricultural land on
or before June 30, 2008.
(2) The enterprise acquires or holds the agricultural land
pursuant to chapter 10C, Code 2007.
(3) The economic development board has approved a life science
enterprise plan filed on or before June 30, 2005, with the board.
The enterprise must acquire or hold the agricultural land pursuant to
the plan which may be amended at any time and approved by the board
pursuant to section 15.104.
b. The life science enterprise must file a report with the
secretary of state as provided in section 10B.4.
2. A person who is a successor in interest to a life science
enterprise may acquire or hold agricultural land, notwithstanding
section 10C.5, Code 2007, if all of the following apply:
a. The person meets the qualifications of a life science
enterprise and acquires or holds the agricultural land as provided in
chapter 10C, Code 2007.
b. The person acquires or holds the agricultural land
according to the life science enterprise plan filed by the person's
predecessor in interest and approved by the economic development
board. The plan may be amended at any time and approved by the board
pursuant to section 15.104.
c. The person has filed a notice with the economic
development board as required by the board. The notice shall state
that the person is a successor in interest. The notice must be filed
with the board within thirty days following the person's acquisition
of the interest.
d. The person must file a report as a life science enterprise
with the secretary of state as provided in section 10B.4. Section History: Recent Form
2000 Acts, ch 1197, §7, 10; 2004 Acts, ch 1175, §219, 220; 2005
Acts, ch 3, §4--7; 2005 Acts, ch 16, §2--4, 6, 7