One of Minnesota's wealthiest men will use parcels of farmland in two states to help fund charitable activities in rural communities.
Taylor Foundation CEO Glen Taylor announced yesterday that farmland worth 172-million dollars will be gifted to several nonprofit organizations, including the Southern Minnesota Initiative Foundation.
During an event in Mankato this week, the southern Minnesota native and majority owner of the Minnesota Timberwolves and Lynx, said he wanted to give back to the region because of the communities that helped him when he was younger.
Revenue generated by the gift will fund initiatives to help families in Minnesota and Iowa.
Southern Minnesota Initiative Foundation was selected to lend south central and southeastern Minnesota exposure to the philanthropic vision and offers expertise in managing agricultural operations.
SMIF’s 20-county region, includes Goodhue, Wabasha, Winona, Olmsted, Dodge, and Rice counties.
SMIF, the Mankato Area Foundation, and the Saint Paul and Minnesota Foundation should start receiving money from the donation next year.