(1) Subject to Subsection (3), the governing authority shall enter into a written lease agreement with a research university to lease to the research university a research building constructed on the research university's campus.

(2) A lease agreement under Subsection (1) shall: (a) require the research university to pay the ongoing operation and maintenance expenses associated with the research building, including for any infrastructure in the research building; and (b) subject to the reporting requirements described in Section 63M-2-705, permit the research university to use or rent space within the research building for research other than research receiving USTAR support, including research by a private entity.

(a) require the research university to pay the ongoing operation and maintenance expenses associated with the research building, including for any infrastructure in the research building; and

(b) subject to the reporting requirements described in Section 63M-2-705, permit the research university to use or rent space within the research building for research other than research receiving USTAR support, including research by a private entity.

(3) (a) On or before October 1, 2018, the governing authority shall transfer ownership and title of the: (i) research building known as the James L. Sorenson Molecular Biotechnology Building, USTAR Building, located at 36 South Wasatch Drive, Salt Lake City, to the University of Utah; and (ii) research building known as the USTAR BioInnovations Center located at 650 East 1600 North, North Logan, to Utah State University. (b) The provisions of Subsections (1) and (2) are no longer in effect after the transfer of ownership described in this Subsection (3) occurs.

(a) On or before October 1, 2018, the governing authority shall transfer ownership and title of the: (i) research building known as the James L. Sorenson Molecular Biotechnology Building, USTAR Building, located at 36 South Wasatch Drive, Salt Lake City, to the University of Utah; and (ii) research building known as the USTAR BioInnovations Center located at 650 East 1600 North, North Logan, to Utah State University.

(i) research building known as the James L. Sorenson Molecular Biotechnology Building, USTAR Building, located at 36 South Wasatch Drive, Salt Lake City, to the University of Utah; and

(ii) research building known as the USTAR BioInnovations Center located at 650 East 1600 North, North Logan, to Utah State University.

(b) The provisions of Subsections (1) and (2) are no longer in effect after the transfer of ownership described in this Subsection (3) occurs.