Glen Taylor (Image courtesy Taylor Foundation)

Minnesota’s richest man, Timberwolves owner Glen Taylor, is making a substantial contribution by donating $172 million worth of farmland to Minnesota and Iowa.

Taylor’s donation is comprised of parcels of farmland located in Minnesota and Iowa. Income generated by the farmland will be distributed to the three partner foundations for continuous reinvestment in the region where Taylor grew up, raised his family, built businesses, and employs thousands of people.

The Mankato Area Foundation was selected due to its longstanding history of connecting individual acts of giving with the needs of people and communities throughout the region.

Taylor says he wants to focus on rural communities and that the land will be distributed to three partners of the Taylor Foundation, including the Mankato Area Foundation and the Southern Minnesota Initiative Foundation.

The Taylor Foundation says the farmland donation will take place before the year ends, with distribution beginning next year.

(Learfield News Service, and Taylor Foundation)