Man gifts $172 million in farmland to help community

MANKATO, Minn. (KEYC/Gray News) - The richest man in Minnesota is gifting millions of dollars worth of farmland in Minnesota and Iowa.

“Agriculture has been very good to me and my family and now you want to give back,” Glen Taylor said.

Taylor says he wants to focus on rural communities across the area with his land donation worth $172 million.

“The good people of this region have been crucial to my personal growth and success of my businesses,” Taylor said. “It brings me such joy to be in a position where I can give back some of what I have received.”

Southern Minnesota Initiative Foundation president Tim Penny says the overall vision is to invest back in and give back to southern Minnesota and help communities prosper.

The growth and security of the rural areas are linked to the land, according to the Taylor Foundation.

The income that comes from the farmland will be distributed to three partner foundations, including the Mankato Area Foundation and the Southern Minnesota Initiative Foundation, for what they say will be reinvestment in the region.

“I can’t think of another gift that has happened like this and it’s so wonderful,” Mankato Area Foundation president Nancy Zallek said.

Penny says it is “all about helping these communities be all that they can be.”

The Saint Paul & Minnesota Foundation will also receive funds from this gift.

According to the Taylor Foundation, the farmland will be donated before the end of the year and the first disbursement of proceeds is expected to happen next year.

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