Invest in the future
Our Board is excited to announce an investment opportunity!
Since FLIC formed almost 3 years ago, we have organized around a mission of collectively purchasing land in Winneshiek county so that we as a community can transition it, equitably and intentionally, to new land stewards. The first step in that mission is to acquire land, and we are excited to announce that we are in conversation with a property owner about a lovely 9-acre property on River Road!
We need your support to make this purchase happen.
FLIC Members have pledged $200,000 toward our goal!
Can you help us get to $300,000?
Summary
This property has been owned, lived on, and tended by its current owner for over 50 years. Currently, there are 6 acres in the Conservation Reserve Program, and there’s a 3 bedroom house on the property. The rest is wooded, with across-the-road access to public land around the Upper Iowa River.
A few months ago, the owners approached FLIC to see if we are interested in purchasing this property. Several members of our Board toured the property, and an appraisal was completed in June. The appraised value of the property is $300,000. As a Board, we determined that this land transition opportunity aligns nicely with our mission. We also feel that this is an achievable purchase price.
Why we’re excited about this opportunity:
Small acreage is highly sought after by small- to medium-scale farmers, and is difficult to find
Land owners who are invested in FLIC’s mission, excited to work with us, and generously giving us time to organize instead of putting it on the open market
Affordable purchase price–we believe that a $300,000 property is a good starting point for FLIC
Close proximity to Decorah
Land is in CRP for the next 4 years, which means we will have time to determine who and what kind of farming is a good fit for the land
House on the property is livable and allows us to rent the house in the short term, providing income for FLIC while addressing the lack of affordable housing stock in the Decorah area
Financing
We have talked with lenders, and if we are not able to raise the full cost of the property from members, we would qualify for a mortgage. The board has determined that the $190,000 in pledges we have raised since July 24 is enough to purchase the property with a mortgage that can be paid by renting the house at a reasonable rate. However, we would much prefer to raise the full $300,000 by October 1 and buy this property outright! This would take pressure off of us having to find renters immediately, and gives us a cushion to complete desired home repairs.
What we need from our FLIC members (a.k.a. You!):
Fill out our investment capacity survey (linked below)
Help us get the word out! Do you know anyone else who might be interested in investing in this kind of opportunity? We’d love to hear about it! Contact us.
Share your thoughts/ideas/concerns with us.
Not a FLIC member yet? Sign up or learn more at the link below.
Over the past three years, FLIC has been building our vision and capacity for this work. This is an ideal launching pad for our first investment opportunity, and we couldn’t be more excited to see what our collective power can do!