Glen Taylor has announced the launch of the Taylor Family Farms Foundation valued at $172 million, which will work to assist people in southern Minnesota and rural communities across Minnesota and Iowa.

The gift to establish the foundation is the first phase in a larger charitable plan. The founder of Taylor Corporation, majority owner of the Minnesota Timberwolves and Minnesota Lynx professional basketball teams, and part owner of Minnesota United FC, Taylor has a long history of funding philanthropic initiatives related to childhood education, rural community revitalization, environmental sustainability, and the social well-being of families in need. The gift will create a financial framework to support these and other causes in the area.

The foundation will partner with the Mankato Area (MAF), Southern Minnesota Initiative (SMIF), and Saint Paul & Minnesota (SPMF) foundations and allocate parcels of donated farmland in Minnesota and Iowa. Income generated by the farmland will be distributed to the three partner foundations for continuous reinvestment in the region.

“My heart has always been with the children and families of southern Minnesota,” said Taylor. “I grew up on a small farm not far from here during some very lean times, and I carry those memories with me to this day. I hope to make a lasting, positive impact on the lives of future generations by working in partnership with these amazing nonprofit organizations.”

(Photo credit: Getty Images/Hauged)