If the authority leases land, improvements, equipment, fixtures, or other property interests in Lawrence County to an entity that:

1. (1) Is organized and operated on a not-for-profit basis;
2. (2) Is organized as a limited liability company;
3. (3) Has members of the limited liability company otherwise qualifying for exemption from real property taxation in the state where the entity's headquarters are located; and
4. (4) Is organized and operated for scientific research and related educational purposes;

the property and any possessory interest in the property is exempt from real property taxation.

Source: SL 2011, ch 8 , § 1.