Utah Code 53B-17-504. Powers of university as related to research park
Current as of: 2024 | Check for updates
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The University of Utah has the following powers:
(1) to establish, acquire, develop, maintain, and operate a research park, including the acquisition of all necessary or suitable buildings, facilities, and improvements, and to acquire, purchase, construct, reconstruct, improve, remodel, add to, extend, maintain, equip, and furnish the research park or any building or facility, including research and service facilities and areas intended for the common use of the research park tenants;
Terms Used In Utah Code 53B-17-504
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Property: includes both real and personal property. See Utah Code 68-3-12.5
(2) to form nonprofit corporations or foundations to aid and assist the University of Utah to 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 facilities included 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 as necessary for the construction, financing, operation, and management of the research park;(4) to lease, either directly or through a nonprofit corporation or foundation, to any person, firm, partnership, or corporation engaged in business for a profit any part or all of the land, 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, and improvements upon the leased property. Any improvements acquired or constructed upon the premises during the term of the lease reverts to and becomes the property of the university at the termination 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 by institutions of higher education.