15.107 Bioscience development corporation.
1. The authority shall establish a bioscience development corporation as a nonprofit corporation organized under chapter 504 and qualifying under section 501(c)(3) of the Internal Revenue Code as an organization exempt from taxation. Unless otherwise provided in this subchapter, the corporation is subject to the provisions of chapter 504. The corporation shall be established for the purpose of providing services and receiving and disbursing funds from public or private sources to enhance bioscience-based economic development in the state and to further the overall development and economic well-being of the state.
2. The corporation shall collaborate with the authority as described in this subchapter, but the corporation shall not be considered, in whole or in part, an agency, department, or administrative unit of the state.
a. The corporation shall not receive appropriations from the general assembly.
b. The corporation shall not be required to comply with any requirements that apply to a state agency, department, or administrative unit and shall not exercise any sovereign power of the state.
c. The corporation shall not have authority to pledge the credit of the state, and the state shall not be liable for the debts or obligations of the corporation. All debts and obligations of the corporation shall be payable solely from the corporation’s funds.
3. a. The corporation shall be established so that donations and bequests to the corporation qualify as tax deductible under state income tax laws and under section 501(c)(3) of the Internal Revenue Code.
b. The corporation shall be established for the purpose of expanding bioscience-based economic development opportunities in the state of Iowa and for Iowa businesses, and to further the overall development and economic well-being of the state. The corporation may effectuate this purpose by performing certain functions delegated to it by the authority pursuant to section 15.106B.
4. The articles of the corporation shall provide for its governance and its efficient management. In providing for its governance, the articles of the corporation shall address the following:
a. A board of directors to govern the corporation.
(1) The board of directors shall initially be comprised of seven members appointed by the governor to concurrent terms of three years. Two of such members shall be subject to confirmation by the senate.
(2) For appointments subsequent to the initial appointments pursuant to subparagraph (1), two of the members shall be appointed by the governor, subject to confirmation by the senate, to staggered terms of three years each, and the remaining five members shall be selected by a majority vote of the board of directors of the corporation for terms the length of which shall be provided in the articles of the corporation.
(3) The governor and the board of directors of the corporation shall not appoint or select any person who is either the spouse or a relative within the first degree of consanguinity of a serving member of the board of directors or of the authority board.
b. The appointment of a chief executive officer by the board to manage the corporation’s daily operations.
c. The delegation of such powers and responsibilities to the chief executive officer as may be necessary for the corporation’s efficient operation.
d. The employment of personnel necessary for the efficient performance of the duties assigned to the corporation. All such personnel shall be considered employees of a private, nonprofit corporation and shall be exempt from the personnel requirements imposed on state agencies, departments, and administrative units.
e. The financial operations of the corporation including the authority to receive and expend funds from public and private sources and to use its property, money, or other resources for the purpose of the corporation.
5. The board of directors of the corporation and the chief executive officer shall act to ensure all of the following:
a. That the corporation reviews and, at the board’s direction, implements the applicable portions of the strategic plan developed by members of the authority pursuant to section 15.105.
b. That the corporation prepares an annual budget that includes funding levels for the corporation’s activities and that shows sufficient moneys are available to support those activities.
c. That the corporation annually completes and files an information return as described in section 422.15 and that the information return is submitted to the general assembly.
86 Acts, ch 1245, §807; 2011 Acts, ch 118, §12, 89; 2012 Acts, ch 1021, §6; 2013 Acts, ch 30, §4; 2019 Acts, ch 139, §7
Referred to in §15.102, 15.106B, 15.117A
Confirmation, see §2.32
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 15 - ECONOMIC DEVELOPMENT AUTHORITY
Section 15.101 - Findings and purpose — collaboration described.
Section 15.103 - Economic development board.
Section 15.104 - Duties of the board.
Section 15.105 - Economic development authority.
Section 15.106 - Conflicts of interest.
Section 15.106A - General powers of the authority — legislative findings.
Section 15.106B - Specific program powers — fees.
Section 15.106C - Director — responsibilities.
Section 15.106D - Private activity bonds and notes.
Section 15.106E - Review of authority operations.
Section 15.107 - Bioscience development corporation.
Section 15.107A - Duties and responsibilities of the corporation.
Section 15.107B - Annual reporting requirements.
Section 15.107C - Oversight of corporation.
Section 15.108 - Primary responsibilities.
Section 15.109 - Additional duties.
Section 15.110 - Restrictions relating to councils of governments.
Section 15.111 - Rural development coordination.
Section 15.112 - Farmworks matching funds.
Section 15.113 - Tax lien and delinquency search requirement.
Section 15.114 - Microenterprise development advisory committee.
Section 15.115 - Technology commercialization specialist.
Section 15.116 - Technology commercialization committee.
Section 15.117 - Chief technology officer.
Section 15.117A - Iowa innovation council.
Section 15.118 - Confidentiality of information in financial assistance applications.
Section 15.119 - Aggregate tax credit limit for certain economic development programs.
Section 15.120 - The Iowa energy center.
Section 15.201 - Agricultural marketing program.
Section 15.202 - Grants and gifts.
Section 15.203 - Agricultural products advisory council — duties.
Section 15.204 - Value-added agricultural linked investment loan program — eligibility requirements.
Section 15.231 - Community catalyst building remediation program — fund.
Section 15.240 - Community microenterprise development organization grant program.
Section 15.241 - Iowa “self-employment loan program”.
Section 15.246 - Case management program.
Section 15.247 - Targeted small business financial assistance program.
Section 15.251 - Industrial new job training program certificates — fee.
Section 15.261 - Vacant state buildings demolition fund.
Section 15.262 - Vacant state buildings rehabilitation fund.
Section 15.269 - Cogeneration pilot program.
Section 15.271 - Statement of purpose — intent.
Section 15.272 - Statewide welcome center program.
Section 15.273 - Cooperative tourism program.
Section 15.292 - Brownfield redevelopment program.
Section 15.293 - Brownfield redevelopment fund.
Section 15.293A - Redevelopment tax credits.
Section 15.293B - Application — registration — agreement.
Section 15.294 - Brownfield redevelopment advisory council.
Section 15.300 - Findings and intent.
Section 15.301 - Save our small businesses fund and program.
Section 15.313 - Strategic infrastructure program — fund.
Section 15.317 - Eligibility requirements.
Section 15.318 - Eligible business application and agreement — maximum tax credits.
Section 15.319 - Renewable chemical production tax credit.
Section 15.320 - Reports to general assembly.
Section 15.322 - Future repeal.
Section 15.325 - Negotiations — state and local officials — restrictions.
Section 15.329 - Eligible business.
Section 15.330A - Maintenance of agreements.
Section 15.331 - New jobs credit from withholding.
Section 15.331A - Sales and use tax refund.
Section 15.331B - Exemption from land ownership restrictions for nonresident aliens.
Section 15.331C - Third-party developer tax credit.
Section 15.332 - Value-added property tax exemption.
Section 15.333 - Investment tax credit.
Section 15.333A - Insurance premium tax credits.
Section 15.334 - Exemption from taxation for machinery, equipment, and computers.
Section 15.334A - Sales and use tax exemption.
Section 15.335 - Research activities credit.
Section 15.335A - Tax incentives.
Section 15.335B - Assistance for certain programs and projects.
Section 15.336 - Other incentives.
Section 15.337 - Waiver of program qualification requirements.
Section 15.338 - Nuisance property remediation assistance — fund.
Section 15.341 - Workforce development fund program.
Section 15.342A - Workforce development fund account.
Section 15.343 - Workforce development fund.
Section 15.344 - Common system — assessment and tracking.
Section 15.349 - Shelter assistance fund.
Section 15.353 - Housing project requirements.
Section 15.354 - Housing project application and agreement.
Section 15.355 - Workforce housing tax incentives.
Section 15.368 - World food prize award and support.
Section 15.371 - Manufacturing 4.0 technology investment program.
Section 15.401 - Renewable fuels.
Section 15.412 - Innovation and commercialization development fund.