Mankato businessman and billionaire Glen Taylor is setting up a new foundation that will donate to charity the proceeds from thousands of acres of agricultural land he rents to farmers.
Taylor's farmland in southern Minnesota and northern Iowa, valued at $172 million, could generate several million dollars a year in lease payments. The proceeds will go in perpetuity toward childhood education, rural initiatives and other philanthropic priorities set by the new Taylor Family Farms Foundation.
His farmland has "been a really good investment," said Taylor, who also owns the Star Tribune. "This is the right thing to do. We're fortunate as a family to have resources and how can we help."
Taylor, 82, who with a net worth of about $3 billion is the richest Minnesotan, according to Forbes, announced the news Tuesday in Mankato. He said he wants his philanthropy in southern Minnesota to be as much a part of his legacy as his business success.
"I wouldn't mind having my kids and grandkids say, that was part of my Grandpa's legacy," he said.
Jeremy Wells, senior vice president of philanthropic services at the St. Paul & Minnesota Foundation and a member of the Taylor Family Farms Foundation board, said this method of giving is unique compared to other wealthy donors writing checks or donating stock.
"It's really an entrepreneurship approach to giving," he said. "It could set a model for a lot of people."
While the amount going to nonprofits each year will be much smaller, Wells said the total $172 million in non-cash assets will "probably be one of the largest charitable donations in Minnesota history."