House File 358 HOUSE FILE BY COMMITTEE ON GOVERNMENT OVERSIGHT (SUCCESSOR TO HSB 169) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to life science enterprises by providing for 2 financing, and providing an effective date. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 HF 358 5 da/es/25 PAG LIN 1 1 Section 1. Section 10C.3, unnumbered paragraph 1, Code 1 2 2003, is amended to read as follows: 1 3 Notwithstanding any other provision of law, a life science 1 4 enterprise may acquire or hold an ownership or leasehold 1 5 interest in agricultural land if the economic development 1 6 board approves a life science enterprise plan as provided in 1 7 section 15.104. A life science enterprise must acquire or 1 8 hold the agricultural land pursuant to the plan which may be 1 9 amended as provided by the board. However, the life science 1 10 enterprise shall not hold a total of more than three hundred 1 11 twenty acres of agricultural land. The life science 1 12 enterprise shall hold the land only for purposes of producing 1 13 life science products according to the life science enterprise 1 14 plan. In addition, the life science enterprise shall not 1 15acquire or hold agricultural land if the life science 1 16 enterprise receivesreceive any form of financing from an Iowa 1 17 agricultural industry finance corporation as provided in 1 18 chapter 15E for the purchase or lease of agricultural land in 1 19 this state. A life science enterprise that complies with this 1 20 section may hold the interest in the agricultural land, as 1 21 provided in the plan, for as long as commercial sales of 1 22 products produced from the agricultural land are subject to 1 23 the following: 1 24 Sec. 2. EFFECTIVE DATE. This Act, being deemed of 1 25 immediate importance, takes effect upon enactment. 1 26 HF 358 1 27 da/es/25 1 28 1 29 1 30 1 31 1 32 1 33 1 34 1 35